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Daily Currency Outlook: GPB/JPY And EUR/JPY

By ActionForexCurrenciesJan 06, 2015 05:07AM ET

www.investing.com/analysis/daily-currency-outlook:-gpb-jpy-and-eur-jpy-237524

By ActionForex | Jan 06, 2015 05:07AM ET

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GBP/JPY Daily Outlook
Daily Pivots: (S1) 181.28; (P) 182.84; (R1) 184.00;

GBP/JPY dropped to as low as 181.70 so far and intraday bias remains on the downside. At this point, we'd still expect strong support from 181.09, 38.2% retracement of 168.01 to 189.70 at 181.41, to contain downside and bring rebound. Above 184.93 minor resistance will turn bias back to the upside for retesting 189.70 high. However, firm break of 181.41 would at least bring deeper decline to 61.8% retracement at 176.29.

In the bigger picture, the up trend from 116.83 is still in progress for 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. On the downside, break of 168.01 support is needed to confirm medium term topping. Otherwise, outlook will stay bullish in case of pull back.

GBP/JPY 4 Hour Chart

GBP/JPY Daily Chart

EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.97; (P) 143.07; (R1) 143.84;

EUR/JPY's fall from 149.76 extended to as low as 142.25 so far and intraday bias remains on the downside. At this point, we'd still expect strong support from 142.08, 50% retracement of 134.13 to 149.76 at 141.94, to contain downside and bring rebound. Above 144.95 minor resistance will turn bias back to the upside for retesting 149.76 high. However, sustained break of 142.08 will at least bring deeper fall through 61.8% retracement at 140.10.

In the bigger picture, the up trend from 94.11 long term bottom is still in progress for 76.4% retracement of 169.96 to 94.11 at 152.59 next. Break of 152.59 will target a test on 169.96 (2008 high). On the downside, break of 134.13 is needed to confirm medium term reversal. Otherwise, outlook will stay bullish.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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Daily Currency Outlook: GPB/JPY And EUR/JPY

EUR/JPY Daily Outlook

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