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Daily Currency Outlook: GPB/JPY And EUR/JPY: May 6, 2013

ByActionForex
Published 05/06/2013, 04:21 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 152.58; (P) 153.62; (R1) 155.23;

Intraday bias in GBP/JPY remains on the upside. The uptrend form 116.83 has just resumed, and should be targeting 100% projection of 125.67 to 147.97 from 140.37 at 162.67. On the downside, a break of 150.74 support is needed to indicate short term topping. Otherwise, outlook will stay bullish even in the event of retreat.

In the bigger picture, 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 a 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.
GBP/JPY H4

GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.38; (P) 129.35; (R1) 130.87;

Intraday bias in EUR/JPY is mildly on the upside for 131.12 resistance. A decisive break there will confirm resumption of larger uptrend, and should target 132.03 long term fibo level first. However, before that, consolidation from 131.12 might extend further. Below 127.05 will bring another decline. In that case, downside should be contained by 123.86 support and bring rebound.

In the bigger picture, whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. Rise from there isn't finished yet, and is expected to continue to 50% retracement of 169.96 to 94.11, at 132.03 next. Eventually, such a rise would likely extend to 139.21 resistance and above. Break of 119.10 support is needed as the first sign of medium term topping. Otherwise, outlook will stay bullish.
EUR/JPY H4

EUR/JPY

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