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Daily Outlook:GPB/JPY Drops, EUR/JPY Dips Further: June 13, 2013

ByActionForex
Published 06/13/2013, 05:47 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) 149.17; (P) 150.59; (R1) 151.90;

The GBP/JPY dropped further today, and is heading back to 148.18. A break will extend the decline from 156.77 and target the 146.42 support. A break will confirm that the larger rally has finished at 156.77, and is targeting the 142.27 fibo level. On the upside, above 154.22 will bring stronger rebound back towards 156.77.

This current development argues that a medium term top is in place at 156.77, on bearish divergence condition in the daily MACD. A deeper pull back could be seen to 38.2% retracement of 118.82, to 156.77 at 142.27. We still expect a whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above, after completing the correction.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 126.91; (P) 128.12; (R1) 129.22;

The EUR/JPY is dipping further today, and is heading back to 126.15. A break will extend the fall from 133.80 to 124.84 support first. A break will confirm that larger up trend has already topped out at 133.80 is and targeting the 119.10 cluster support. Meanwhile, above 131.29 will bring a retest of the 133.80 resistance instead.

This current development argues that the medium term uptrend from 94.11 has topped out at 133.80, on a bearish divergence condition in the daily MACD. This type of correction would target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63). A break will target 61.8% retracement at 109.27. Considering the five wave structure of the rise from 94.11, we can expect another medium term rally after completing the anticipated correction.
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