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Daily Currency Outlook: GPB/JPY, EUR/JPY

ByActionForex
Published 02/08/2013, 04:23 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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GBP/JPY
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GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.94; (P) 146.59; (R1) 147.25;

As long as 144.86 minor support holds, further rally is still expected in GBP/JPY. Current rise from 118.82 should extend to 150 psychological level next. On the downside, though, below 144.86 minor support will argue that a short term top is formed. And in such case, deeper retreat could be seen back to 139.25 support instead.

In the bigger picture, medium term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). But rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, medium term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.

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<span class=GBP/JPY" title="GBP/JPY" width="620" height="414">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 122.81; (P) 124.12; (R1) 125.79;

Intraday bias in EUR/JPY is turned neutral for the moment with focus back on 124.01 minor support. Break will confirm short term topping and should bring deeper pull back to 117.04/120.70 support zone. Overall, the larger up trend from 94.11 is expected to continue later and break of 127.70 will target 130 psychological level next.

In the bigger picture, whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) is already met. Sustained trading above this level will target 61.8% retracement at 140.98. And, we'll stay bullish as long as 111.43 resistance turned support holds.

<span class=EUR/JPY H4" title="EUR/JPY H4" width="620" height="414">

<span class=EUR/JPY" title="EUR/JPY" width="620" height="414">

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