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Daily Currency Outlook: GPB/JPY And EUR/JPY : May 02, 2013

ByActionForex
Published 05/02/2013, 06:27 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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GBP/JPY
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P
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P
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 127.83; (P) 128.37; (R1) 128.90;

No change in the EUR/JPY's outlook. Consolidation from 131.12 is still in progress; below 127.05 will bring another fall. Downside is expected to be contained by 123.86 support and bring rebound. An upside breakout is expected, and above 131.12 will resume whole rally from 94.11.

Whole down trend from 169.96 (2008 high) has already completed at 94.11 on bullish convergence condition in weekly MACD. Rise from there isn't finished yet and is expected to continue to 50% retracement of 169.96 to 94.11 at 132.03 next. Such a rise would likely extend to 139.21 resistance and above. A break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
<span class=GBP/JPY H4" title="GBP/JPY H4" width="600" height="600">

<span class=GBP/JPY" title="GBP/JPY" width="600" height="600">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 127.83; (P) 128.37; (R1) 128.90;

No change in the EUR/JPY's outlook. Consolidation from 131.12 is still in progress; below 127.05 will bring another fall. Downside is expected to be contained by 123.86 support and bring rebound. An upside breakout is expected, and above 131.12 will resume whole rally from 94.11.

Whole down trend from 169.96 (2008 high) has already completed at 94.11 on bullish convergence condition in weekly MACD. Rise from there isn't finished yet and is expected to continue to 50% retracement of 169.96 to 94.11 at 132.03 next. Such a rise would likely extend to 139.21 resistance and above. A break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
<span class=EUR/JPY H4" title="EUR/JPY H4" width="600" height="600">

<span class=EUR/JPY" title="EUR/JPY" width="600" height="600">

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