Daily Currency Outlook: GPB/JPY And EUR/JPY

By ActionForexCurrenciesFeb 01, 2013 12:00PM ET

www.investing.com/analysis/daily-currency-outlook:-gpb-jpy-and-eur-jpy-153431

Daily Currency Outlook: GPB/JPY And EUR/JPY

By ActionForex | Feb 01, 2013 12:00PM ET

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EUR/JPY

-0.23%

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GBP/JPY

-0.34%

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0.00%

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GBP/JPY Daily Outlook

Daily Pivots:
(S1) 143.12; (P) 143.66; (R1) 144.43;
GBP/JPY's rises to as high as 146.45 so far today on broad based weakness in yen. The strong break of 144.80 confirmed resumption of recent rally from 118.82 and intraday bias is back on the upside for 150 psychological level next. On the downside, below 144.29 minor support will turn bias neutral again and bring consolidations. But the near term outlook stays bullish as long as 139.25 support holds and further rally is still expected.

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" title="GBP/JPY" width="470" height="337">
GBP/JPY Daily" title="GBP/JPY Daily" width="470" height="337">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 123.47; (P) 124.03; (R1) 125.09;
EUR/JPY builds up momentum again and jumps to as high as 125.72 so far. The break of upper channel resistance is seen as a sign of acceleration. Intraday bias remains on the upside and current rally should extend to 130 psychological level next. On the downside below 123.86 minor support will turn bias neutral and bring consolidations. But break of 120.70 is needed to indicate short term topping - or the outlook will stay bullish in case of retreat.

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 always 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" title="EUR/JPY" width="470" height="337">
EURJPY Daily

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Daily Currency Outlook: GPB/JPY And EUR/JPY

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