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Daily Currency Outlook: GPB/JPY, EUR/JPY

ByActionForex
Published 02/25/2013, 02:46 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.07; (P) 142.06; (R1) 142.59;

With 145.89 minor resistance intact, the corrective fall from 147.97 should extend lower. But downside should be contained by 139.25 (38.2% retracement of 125.67 to 147.97 at 139.45 and bring rebound. We'd expect recent up trend to resume later. Above 145.89 will turn bias back to the upside and should send the cross above 147.97 resistance and should target 150 psychological level.

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.

GBP/JPY H4

GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 122.48; (P) 123.13; (R1) 123.72;

EUR/JPY recovers mildly today but is kept below 125.89 minor resistance so far. Consolidation from 127.70 could extend low. But after all, we'd expect downside to be contained above 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) and bring rebound. On the upside, above 125.89 should turn bias back to the upside and send EUR/JPY through 127.70 to 130 psychological level.

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.
EUR/JPY H4

EUR/JPY

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