Daily FX Outlook: GPB/JPY, EUR/JPY - April 8, 2013

Daily Pivots: (S1) 147.02; (P) 148.53; (R1) 151.11;

GBP/JPY rises further, as high as 151.69 as the recent rally continues. Intraday bias remains on the upside, and another rally should now be seen to 61.8% projection of 125.67 to 147.97 from 140.37 at 154.15 next. On the downside, below 147.88 minor support will turn bias neutral, and bring consolidations first. The downside should be contained well above 140.37 support and bring another rally.

Medium term fall from 163.05 has already completed at 116.83. It's a little 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 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.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 124.69; (P) 125.98; (R1) 128.11;

The EUR/JPY rises further, as high as 128.43 first and break of 127.70 resistance confirmed resumption of larger up trend from 94.11. Intraday bias remains on the upside, and current rise should target 130 psychological level next. On the downside, below 125.59 minor support will turn bias neutral and bring consolidations, but downside should be contained well above 119.10 and bring another rally.

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. 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. Such rise would eventually extend to 139.21 resistance and above. A break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will remian bullish.


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