Daily Currency Outlook: GPB/JPY and EUR/JPY

By ActionForexCurrenciesJan 03, 2012 02:50AM ET

www.investing.com/analysis/daily-currency-outlook:-gpb-jpy-and-eur-jpy-110174

Daily Currency Outlook: GPB/JPY and EUR/JPY

By ActionForex | Jan 03, 2012 02:50AM ET

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EUR/JPY

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GBP/JPY Daily Outlook
Daily Pivots: (S1) 118.94; (P) 119.29; (R1) 119.62;

With 4 hours MACD crossed above signal line, a temporary low is in place at 118.98 and intraday bias is turned neutral. Some consolidations might be seen but upside should be limited by 120.33 minor resistance and bring fall resumption. Prior break of 119.37 suggests that whole decline from 127.30 has resumed. Below 118.98 will target 61.8% projection of 127.30 to 119.37 from 122.76 at 117.85, and then 116.83 key support. Though, break of 120.33 will dampen this immediate bearish view and turn outlook neutral first.

In the bigger picture, there is no sign of reversal in GBP/JPY as it's still staying well below the falling 55 weeks EMA (now at 126.94). The down trend from 2007 high of 251.09 is still expected to continue to 61.8% projection of 215.87 to 118.81 from 163.05 at 103.06, which is close to 100 psychological level. On the upside, break of 130.83 resistance is needed to be the first signal of medium term reversal. Otherwise, medium term outlook will remain bearish even in case of further rebound.

GBP/JPY H4 CHART" title="GBP/JPY H4 CHART" width="600" height="600">

GBP/JPY CHART" title="GBP/JPY CHART" width="600" height="600">

EUR/JPY Daily Outlook

Daily Pivots: (S1) 99.23; (P) 99.58; (R1) 99.79;

With 4 hours MACD crossed above signal line, a temporary low is in place at 99.35 in EUR/JPY and intraday bias is turned neutral for some consolidations. But upside of recovery should be limited by 101.04 support turned resistances and bring fall resumption. Below 99.35 temporary low will target 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62 next. Nonetheless, considering bullish convergence condition in 4 hours MACD, break of 101.04 will indicate short term bottoming and should bring stronger rebound back to 102.48/105.54 resistance zone first.

In the bigger picture, EUR/JPY moved further away from the falling 55 weeks EMA and affirmed the case that downtrend from 2008 high of 169.96 is still in progress. Sustained trading below 100 psychological level pave the way to 100% projection of 139.21 to 105.42 from 123.31 at 89.52, which is close to 88.96 all time low. On the upside, break of 111.57 resistance is needed to be the first signal of reversal. Otherwise, we'll continue to stay bearish in the cross.

EUR/JPY H4 CHART" title="EUR/JPY H4 CHART" width="600" height="600">

EUR/JPY CHART" title="EUR/JPY CHART" width="600" height="600">

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