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Daily Currency Outlook: GPB/JPY And EUR/JPY: May 03, 2013

ByActionForex
Published 05/03/2013, 03:31 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) 150.96; (P) 152.09; (R1) 153.25;

Intraday bias in the GBP/JPY turned neutral first. The consolidation from 153.86 could extend with another decline. Below 150.74 will turn bias to the downside for 146.42 support. We'd expect the uptrend to continue from 118.82 . A decisive break of 153.86 will confirm rally resumption to next important level at 163.05.

Medium term fall from 163.05 has already completed at 116.83. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). A rise from 116.83 should at least be a move at the same degree as fall from 163.05. Medium term rise is now expected back to 163.05. We'll stay bullish as long as 140.37 support holds.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 126.99; (P) 128.45; (R1) 129.39;

Intraday bias in the EUR/JPY is neutral for the moment. Consolidation from 131.12 might extend. Below 127.05 will bring another decline. In that case, downside is expected to be contained by 123.86 support, and bring rebound. An upside breakout is expected and above 131.12 will resume whole rally from 94.11.

Whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. A rise isn't finished yet, and is expected to continue to 50% retracement of 169.96 to 94.11, at 132.03 next. Such a rise would probably extend to 139.21 resistance and above. A break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
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