Investing.com - Financial Markets Worldwide

Daily Currency Outlook: GPB/JPY And EUR/JPY: May 8, 2013

ByActionForex
Published 05/08/2013, 04:56 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
-
GBP/JPY
-
P
-
P
-
GBP/JPY Daily Outlook

Daily Pivots: (S1) 152.69; (P) 153.58; (R1) 154.17;

Within 4 hours, the MACD crossed below signal line. A temporary top has formed, and intraday bias has turned neutral. As long as 150.74 holds, further rally is still expected. Above 154.78 will extend the larger up trend to 100% projection of 125.67 to 147.97 from 140.37 at 162.67.

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 downtrend from 251.09 (2007 high). A rise from 116.83 should be a move at the same degree as fall from 163.05. Medium term rise is now expected back at 163.05. We'll stay bullish as long as 140.37 support holds.
<span class=GBP/JPY H4" title="GBP/JPY H4" width="600" height="600">

<span class=GBP/JPY" title="GBP/JPY" width="600" height="600">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.01; (P) 129.68; (R1) 130.14;

Intraday bias in EUR/JPY stays neutral as consolidation from 131.12 could extend. Going below 127.05 will bring deeper decline. In that case, downside should be contained by 123.86 support and bring rebound. Eventually, an upside breakout is expected and a break of 131.12 will confirm resumption of larger uptrend and should target the 132.03 long term fibo level first.

In the bigger picture, whole downtrend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. The 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 to be the first sign of medium term topping. Otherwise, outlook will stay bullish.

<span class=EUR/JPY H4" title="EUR/JPY H4" width="600" height="600">

<span class=EUR/JPY" title="EUR/JPY" width="600" height="600">

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.