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Daily Currency Outlook: GPB/JPY, EUR/JPY

ByActionForex
Published 03/01/2013, 04:02 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 138.62; (P) 139.28; (R1) 140.42;

The GBP/JPY pair has recovered mildly, but with 142.76 minor resistance intact, correction from 147.97 is still in progress. Another fall is expected to 38.2% retracement of 118.82 to 147.97 at 136.83 and below. On the upside, a break of 142.76 is needed to indicate completion of the corrective fall. Otherwise, risk will now stay on the downside even in case of recovery.

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 down trend 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. 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) 120.29; (P) 121.05; (R1) 121.59;

Intraday bias in EUR/JPY is neutral for now. With 122.25 minor resistance intact, the correction from 127.70 could go deeper. However, such a decline is still viewed as a correction so we're expecting strong support from 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) to contain downside and bring rebound. Above 122.25 minor resistance will turn bias back to the upside for recovery. Note that the break of 117.04 would trigger deeper pull back to 50% retracement at 114.01 and below.

In the bigger picture, whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) has already been met. Sustained trading above this level will target 61.8% retracement at 140.98. We'll stay bullish as long as 111.43 resistance turned support holds.
EUR/JPY H4

EUR/JPY

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