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Daily Currency Outlook: GPB/JPY, EUR/JPY - May 01, 2013

ByActionForex
Published 05/01/2013, 05:08 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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GBP/JPY
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P
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GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.68; (P) 151.32; (R1) 151.92;

No change in the GBP/JPY's outlook. Consolidation from 153.86 is still in progress, and a deeper fall could be seen to 149.97 support and below. Downside should be contained above 145.91 and bring rebound. We'd expect up trend from 118.82 to resume later by breaking 153.86 to next important level at 163.05.

In the bigger picture, medium term fall from 163.05 has already completed at 116.83. It's a bit early to conclude reversal of the long term downtrend from 251.09 (2007 high). A rise from 116.83 should at least be a move at the same degree as fall from 163.05. Medium term rise is now expected back at 163.05. We'll stay bullish as long as 140.37 support holds.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 127.46; (P) 127.98; (R1) 128.78;

No change in the EUR/JPY's outlook. Consolidation from 131.12 is still in progress, and a deeper fall could be seen. Downside is expected to be contained by 123.86 support and bring rebound. An upside breakout is expected, and above 131.12 will resume whole rally from 94.11.

Whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. Rise isn't finished yet and is expected to continue to 50% retracement of 169.96 to 94.11, at 132.03 next. Such rise would likely extend to 139.21 resistance and above. Break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.

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