Investing.com - Financial Markets Worldwide

Daily Currency Outlook: GPB/JPY And EUR/JPY: June 20, 2013

ByActionForex
Published 06/20/2013, 05:13 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 148.30; (P) 149.30; (R1) 150.33;

The strong rebound and break of 150.56 argues that correction from 156.77 might be finished at 147.10. Intraday bias is back on the upside for 154.22 first. A break will confirm this case and target another high above 156.77. Below 148.85 will bring another fall to below 147.10 to extend the correction instead.
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. Strong support would likely be seen at 140.37 to bring rebound, at least on first attempt. We still expect whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above after completing the correction.
GBP/JPY H4
GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 127.26; (P) 128.00; (R1) 128.96;

The strong rally and break of 128.11 resistance suggests that corrective fall from 133.80 might have already completed at 124.95. Intraday bias in EUR/JPY is back on the upside for 131.29 resistance first. A break will confirm this case and target 133.80 and above. Meanwhile, below 127.01 will extend the correction to another low below 124.95 instead.

The current development argues that the medium term up trend from 94.11 has topped out at 133.80 on bearish divergence condition in the daily MACD. Such correction would target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63) first. Strong support would be seen at initial attempt. But, 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.
EUR/JPY H4
EUR/JPY

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.