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Daily Currency Outlook: GPB/JPY Drops Further, EUR/JPY Breaks Low

ByActionForex
Published 01/13/2014, 02:32 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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GBP/JPY
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GBP/JPY Daily Outlook

Daily Pivots: (S1) 170.91; (P) 171.96; (R1) 172.70;

GBP/JPY drops further to as low as 170.39 so far today. Current development confirmed short term topping at 174.84 and correction from there is resuming. Intraday bias is back on the downside and deeper fall would be seen to 166.57 support and possibly below. On the upside, break of 173.12 minor resistance is needed to indicate completion of the corrective fall. Otherwise, near term outlook will stay mildly bearish.

In the bigger picture, the up trend from 116.83 is still in progress and there is no sign of reversal yet. Break of 159.98 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish. The up trend from 116.83 should target 50% retracement retracement of 251.09 to 116.83 at 183.96 and above.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.91; (P) 142.47; (R1) 142.89;

EUR/JPY drops sharply today and breaks 141.49 temporary low. Fall from 145.68 short term top has resumed and intraday bias is back on the downside. Deeper decline would be seen to 55 days EMA (now at 139.48). On the upside, break of 143.17 resistance is needed to indication completion of the corrective fall from 145.68. Otherwise, near term outlook is mildly bearish.

In the bigger picture, medium term up trend from 94.11 is still in progress and there is no clear sign of topping yet. Further rally is expected to 76.4% retracement of 169.96 to 94.11 at 152.59 and above. And, break of 135.50 resistance turned support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
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