Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Is it finally time to sell Nvidia ahead of earnings?
Read More
Daily Currency Outlook: GPB/JPY and EUR/JPY
By ActionForexCurrenciesMar 06, 2012 04:44AM ET
www.investing.com/analysis/daily-currency-outlook:-gpb-jpy-and-eur-jpy-116051
Daily Currency Outlook: GPB/JPY and EUR/JPY
By ActionForex | Mar 06, 2012 04:44AM ET
GBP/JPY Daily Outlook
GBP/JPY" title="GBP/JPY" width="660" height="556">
GBP/JPY" title="GBP/JPY" width="659" height="555">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 107.12; (P) 107.57; (R1) 108.23;
EUR/JPY's consolidation pattern from 109.83 short term top is still in progress and deeper retreat might be seen. But downside is expected to be contained by 38.2% retracement of 99.24 to 109.83 at 105.78 and bring rally resumption. Above 109.83 will extend the rally from 97.03 to 111.57 resistance. As noted before, fall from 123.31 has likely finished on bullish convergence condition in daily MACD. Break of 111.57 will affirm this bullish case and target 123.31 key resistance next.
In the bigger picture, the case of trend reversal in EUR/JPY is starting to build up and 97.03 should be a medium term bottom. Break of 111.57 will affirm this case and should at least push EUR/JPY for a test on 123.31 resistance. Break there will argue that whole down trend from 2008 high of 169.96 is completed and reversed. Though, failure to take out 123.31 and reversal from there will likely bring some sideway trading between 97.03/123.31 in medium term.
EUR/JPY H4" title="EUR/JPY H4" width="621" height="524">
EUR/JPY" title="EUR/JPY" width="623" height="525">
Daily Pivots: (S1) 128.49; (P) 129.07; (R1) 129.93;
No change in GBP/JPY's outlook. As the cross has been clearly losing upside momentum with bearish divergence condition in 4 hours MACD, strong resistance would likely be seen at 61.8% retracement of 140.02 to 116.83 at 131.16 to limit upside at first attempt and bring consolidations before staging another rally. Meanwhile, break of 126.68 support will indicate short term topping and bring deeper pull back. Overall, the decline from 140.02 should have finished at 116.83 already. Break of 131.16 fibo level will target a test on 140.02 next.
In the bigger picture, the choppy decline from 163.05 is viewed as part of the down trend from 251.09. Current development is starting to suggest that such fall is finished. Focus is now turned to 140.02 key resistance. Sustained break there will firstly indicate completion of fall from 163.05. More importantly, this will also signal completion of the whole down trend from 2007 high of 251.09. In such case, stronger rise should be seen back to retest on 163.05.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 107.12; (P) 107.57; (R1) 108.23;
EUR/JPY's consolidation pattern from 109.83 short term top is still in progress and deeper retreat might be seen. But downside is expected to be contained by 38.2% retracement of 99.24 to 109.83 at 105.78 and bring rally resumption. Above 109.83 will extend the rally from 97.03 to 111.57 resistance. As noted before, fall from 123.31 has likely finished on bullish convergence condition in daily MACD. Break of 111.57 will affirm this bullish case and target 123.31 key resistance next.
In the bigger picture, the case of trend reversal in EUR/JPY is starting to build up and 97.03 should be a medium term bottom. Break of 111.57 will affirm this case and should at least push EUR/JPY for a test on 123.31 resistance. Break there will argue that whole down trend from 2008 high of 169.96 is completed and reversed. Though, failure to take out 123.31 and reversal from there will likely bring some sideway trading between 97.03/123.31 in medium term.
Related Articles
EUR/USD: A Clean Breakout Above 1.05 Remains the Base Case Scenario
By Fawad Razaqzada - Feb 26, 2025
EUR/USD remains resilient after dipping below 1.05, hinting at a potential breakout. Weak US data and stagflation fears fuel Fed rate cut bets, pressuring the dollar. A break...
USD/CAD: What's Next as Tariff Jitters Clash With Weaker US Data, Bond...
By David Scutt - Feb 25, 2025
USD/CAD lifted by Trump’s tariff push but faces resistance overhead US data missing forecasts at the fastest pace in five months Fed rate cut bets grow, pushing Treasury yields...
EUR/USD Gains Ground as European Union Fires Back
By Kenny Fisher - Feb 25, 2025
The euro has gained ground on Tuesday. In the North American session, EUR/USD is trading at 1.0515, up 0.45%. On Monday, the euro climbed as high as 1.0527, its highest level this...
Daily Currency Outlook: GPB/JPY and EUR/JPY
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.