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Daily Currency Outlook: GPB/JPY And EUR/JPY : January 31, 2013

ByActionForex
Published 01/31/2013, 04:29 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.12; (P) 143.66; (R1) 144.43;

GBP/JPY is still bounded in range of 139.25/144.80 and intraday bias remains neutral. With 139.25 support intact, outlook stays bullish and further rally is still expected. In any case, we'd expect any retreat to be contained by 139.39 support and bring rise resumption eventually. Above 144.80 will target 150 psychological level next. Though, break of 139.29 will bring deeper pull back, probably to 55 days EMA (now at 137.80) before staging another rally.

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 H4

GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 122.59; (P) 123.23; (R1) 124.18;

EUR/JPY lost some momentum after hitting 123.84 and retreats mildly. But further rise is still expected as long as 121.21 minor support holds. Sustained trading above medium term fibo level at 123.08 will pave the way to 130 psychological level next. However, considering bearish divergence condition in 4 hours MACD and the resistance from 123.08, break of 121.21 will indicate short term topping and bring pull back to 117.03 support.

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 break will target 61.8% retracement at 140.98. And, we'll stay bullish as long as 111.43 resistance turned support holds.

EUR/JPY H4

EUR/JPY

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