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Daily FX Outlook: GBP/JPY, EUR/JPY: April 09, 2013

ByActionForex
Published 04/09/2013, 05:00 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.63; (P) 151.20; (R1) 152.14;

Intraday bias in the GBP/JPY remains on the upside; thecurrent rally is still in progress for 61.8% projection of 125.67 to 147.97 from 140.37 at 154.15 next. On the downside, below 150.24 minor support will turn bias neutral and bring consolidations. Retreat should be contained above 145.91 and bring rise resumption.

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 be a move at least 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.

GBP/JPY H4

GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.02; (P) 128.63; (R1) 129.86;

The EUR/JPY rose as high as 129.93, just an inch below 130.00 psychological level. Intraday bias remains on the upside ;sustained break of 130 will target next long term retracement level at 132.03. On the downside, below 128.03 minor support will turn bias neutral and bring consolidations. Retreat should be contained well above 123.86 support and bring another rally.

The 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 to be the first sign of medium term topping. Otherwise, the outlook will remain bullish.

EUR/JPY H4

EUR/JPY

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