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Daily Currency Outlook: GPB/JPY And EUR/JPY: January 28, 2013

ByActionForex
Published 01/28/2013, 04:31 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 140.68; (P) 141.80; (R1) 143.73;

GBP/JPY is still staying in range of 139.25/144.80 for the moment and intraday bias remains neutral. As long as 139.25 support holds,, outlook stays bullish and further rally is still expected. In any case, we'd expect another retreat to be 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 136.93) 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) 121.01; (P) 121.89; (R1) 123.13;

Intraday bias in EUR/JPY remains on the upside for medium term fibo level at 123.08. Sustained break there will pave the way to 130 psychological level. On the downside, break of 117.04 support is needed to signal short term topping. Otherwise, outlook will stay bullish even 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. A medium term rally is now expected that heads back to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) first. 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

EURJPY

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