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Daily FX Outlook: GPB/JPY And EUR/JPY

ByActionForex
Published 01/17/2013, 04:30 AM
EUR/JPY
-0.23%
GBP/JPY
-0.25%
P
0.00%
P
0.00%
GBP/JPY Daily Outlook
  • Daily Pivots: (S1) 140.36; (P) 141.57; (R1) 142.63;
GBP/JPY's consolidation from 144.80 temporary top is still in progress and deeper retreat cannot be ruled out. But again, downside should be contained by 139.39 support and bring rebound. Recent rally is still expected to continue. Break of medium term retracement level at 145.39 will pave the way to 150 psychological level next.

In the bigger picture, medium term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). But rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, medium term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.
<span class=GBP/JPY H4" title="GBP/JPY H4" width="600" height="600" />
<span class=GBP/JPY: Daily" title="GBP/JPY" width="600" height="600" />
EUR/JPY Daily Outlook
  • Daily Pivots: (S1) 116.51; (P) 117.37; (R1) 118.29;
EUR/JPY recovers mildly after hitting 4 hours 55 EMA. Intraday bias remains neutral though and more consolidations would be seen, with risk of deeper retreat. But downside should be contained by 113.54 support and bring rally resumption. Break of 120.12 will extend recent rise to next medium term fibo level at 123.08.

In the bigger picture, whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. A medium term rally is now expected that heads back to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) first. Break will target 61.8% retracement at 140.98. And, we'll stay bullish as long as 104.58 resistance turned support holds.
<span class=EUR/JPY H4" title="EUR/JPY H4" width="600" height="600" />
<span class=EUR/JPY: Daily" title="EUR/JPY" width="600" height="600" />

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