Investing.com - Financial Markets Worldwide

Daily Currency Outlook: GPB/JPY And EUR/JPY: May 24, 2013

ByActionForex
Published 05/24/2013, 06:20 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 152.05; (P) 153.82; (R1) 155.86;

GBP/JPY continues to consolidate below 156.77 short term top and intraday bias is neutral for more sideway trading. Another fall could be seen, but the downside should be contained by 146.42 support and bring rebound. At this point, we expect another rally to 100% projection of 125.67 to 147.97 from 140.37 at 162.67 after consolidations.

The medium term rise from 116.83 is still in progress. As noted before, whether such a rally is impulsive or corrective in nature, it's at least a move at the same degree as fall from 163.05. We expect current rise to extend to 163.05 resistance and above. We'll stay bullish as long as the 146.42 support holds.

GBP/JPY H4

GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.29; (P) 131.58; (R1) 133.20;

The EUR/JPY continues to consolidate below 133.80 short term top; intraday bias is neutral for more sideway trading. A deeper decline could be seen, but the downside should be contained above 124.84, which is close to 61.8% retracement from 119.10 to 133.80, to bring rebound. At this point, westill expect the larger rally to resume later to 61.8% projection of 100.32 to 127.70, from 119.10 at 136.02

In the bigger picture, the whole down trend from 169.96 (2008 high) has already completed at 94.11, on the bullish convergence condition in weekly MACD. A rise from there has met mentioned 50% retracement of 169.96 to 94.11 at 132.03 already and there is no clear sign of reversal so far. Such a rally should now extend through 139.21 resistance to 61.8% retracement at 140.98. A break of 119.10 support is needed to confirm medium term topping. Otherwise, the outlook will stay bullish.

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.