Investing.com - Financial Markets Worldwide

Friday's Major Currency-Pair Outlook

ByActionForex
Published 11/08/2013, 04:12 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) 156.98; (P) 158.12; (R1) 158.96;

GBP/JPY failed to take out 159.52 and intraday bias is turned neutral first. Outlook is unchanged. While larger rally might extend through 159.98, we'd expect strong resistance below 163.05 resistance to bring larger reversal eventually. Below 156.63 will turn bias to the downside for 154.72 support first.

In the bigger picture, considering bearish divergence condition in daily MACD, the up trend from 116.83 might be close to completion. Break of 147.61 will confirm medium term topping and bring correction back to 140.37 support and below. In case of another rise, we'd now expect strong resistance from 163.05 to limit upside.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 132.66; (P) 133.19; (R1) 133.84;

Intraday bias in EUR/JPY remains on the downside for 131.13 support. Decisive break there will indicate that the cross has finally topped at 135.50 and the larger trend is reversing. In such case, EUR/JPY should target 124.95 support level in near term. On the upside, above 132.36 support turned resistance will turn bias neutral and bring consolidations before staging another decline.

In the bigger picture, upside momentum in EUR/JPY remains rather unconvincing as seen in daily and weekly MACD. While further rally cannot be ruled out for the moment, the cross would likely face strong resistance from 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98. The up trend from 94.11 should be close to forming a medium term top and turn into consolidation. Break of 127.96 will confirm topping and should bring correction back to 119.10 support.
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