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Daily Currency Outlook: GPB/JPY And EUR/JPY: June 14, 2013

ByActionForex
Published 06/14/2013, 04:00 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.79; (P) 149.19; (R1) 151.29;

GBP/JPY's fall from 156.77 could have extended to 146.42 support. A break would have confirmed the bearish case that the larger rally finished at 156.77, and bring further fall to 142.27 fibo level.

The development argued 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. We still expected the whole rise from 116.83 medium term bottom to resume to 163.05 resistance and above, after completing the correction.
GBP/JPY H4
GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 125.61; (P) 126.87; (R1) 128.78;

EUR/JPY's corrective fall from 133.80 was for 124.84 support and below. A break would have confirmed that a larger up trend has topped out at 133.80 already, and targeted 119.10 cluster support.

The development argued that the medium term up trend from 94.11 topped out at 133.80 on bearish divergence condition in daily MACD. Such a correction could have targeted 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.
EUR/JPY H4
EUR/JPY

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