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Daily Currency Outlook: GPB/JPY And EUR/JPY

ByActionForex
Published 09/19/2012, 05:05 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 127.07; (P) 127.65; (R1) 128.47;

GBP/JPY's rally extends to as high as 128.81 so far today and intraday bias remains on the upside. Current rally should sign of acceleration by breaking near term channel resistance. Next target will be 161.8% projection of 118.82 to 125.82 from 120.82 at 132.14 next. On the downside, below 127.44 minor support will turn bias neutral and bring consolidations. But retreat should be contained well above 124.41 support and bring another rally.

In the bigger picture, at this point, we'd like to maintain that price actions from 116.83 are corrective in nature so far. Rise from 118.82 could be the third leg of the pattern from 116.83 and might target 133.48 and above. But this is far from being certain. After all, the likely scenario is that we'll see more range trading between 116.83 and 140.02 (50% retracement of 163.05 to 116.83 at 139.94) ahead, before an eventual downside breakout. We'll favor this view as long as 140.02 resistance holds.
GBP/JPY_H4

GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 102.39; (P) 102.83; (R1) 103.27;

The break of 102.57 minor support suggests that a temporary top is in place and intraday bias in EUR/JPY is turned neutral for the moment. Some consolidations could be seen but downside of retreat should be contained well above 99.52 support and bring another rise. Above 103.86 will target 61.8% retracement of 111.43 to 94.11 at 104.81 next.

In the bigger picture, current development continues to affirm the view that whole down trend form 169.96 (2008 high) has completed at 94.11. Focus is now on 111.43 key resistance level. Break will confirm this case and bring stronger rebound back to 123.31 resistance and above. We'd favor this bullish scenario as long as 99.52 support holds.
EUR/JPY_H4

EUR/JPY

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