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Daily Currency Outlook: GPB/JPY And EUR/JPY: June 21, 2013

ByActionForex
Published 06/21/2013, 06:21 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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GBP/JPY Daily Outlook

Daily Pivots: (S1) 149.14; (P) 150.53; (R1) 152.19;

Intraday bias in GBP/JPY remained on the upside for 154.22 resistance. A break could have confirmed that correction from 156.77 completed at 147.11 and brought a retest of 156.77. Below 148.85 will bring another fall to below 147.10 to extend the correction.

The development argues that a medium term top is in place at 156.77 on bearish divergence condition in the daily MACD. A deeper pull back was possible at 38.2% retracement of 118.82 to 156.77 at 142.27. Strong support was probably 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 to 163.05 resistance and above - after completing the correction.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 127.60; (P) 128.75; (R1) 129.69;

Intraday bias in EUR/JPY remained mildly on the upside for 131.29 resistance. A break could have confirmed that correction from 133.80 completed at 124.95, and brought resistance 133.80. Below 127.01 will extend the correction to another low below 124.95.

The 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 a correction could have targeted 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63) first. Strong support would have been seen at initial attempt. A break will target 61.8% retracement at 109.27. Considering the five wave structure of the rise from 94.11, we expect another medium term rally after completing the anticipated correction.
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