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Daily Currency Outlook: GPB/JPY And EUR/JPY: June 12, 2013

ByActionForex
Published 06/12/2013, 06:07 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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GBP/JPY
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GBP/JPY Daily Outlook

Daily Pivots: (S1) 148.32; (P) 151.26; (R1) 153.17;

Intraday bias in GBP/JPY has turned neutral for the moment. On the downside, below 148.18 will extend the decline from 156.77 and target 146.42 support. Break will confirm that larger rally has finished at 156.77 and target 142.27 fibo level. On the upside, above 154.22 will bring stronger rebound back towards 156.77.

The current development argues that a medium term top is in place at 156.77, on bearish divergence condition in daily MACD. Deeper pull back could be seen to 38.2% retracement of 118.82 to 156.77 at 142.27. Overall, we'd still expect whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above after completing the correction.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 126.17; (P) 128.73; (R1) 130.37;

Intraday bias in EUR/JPY turned neutral first. On the downside, below 126.15 will extend the fall from 133.80 to 124.84 support first. A break will confirm that larger up trend has already topped out at 133.80 and target 119.10 cluster support. Meanwhile, above 131.29 will bring retest of 133.80 resistance instead.

In the bigger picture, current development argues that the medium term up trend from 94.11 has topped out at 133.80 on bearish divergence condition in daily MACD. Such correction would target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63). A break will target 61.8% retracement at 109.27. Nonetheless, considering the five wave structure of the rise from 94.11, we'd expect another medium term rally after completing the anticipated correction.
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