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GPB/JPY And EUR/JPY Currency Outlook: December 23, 2013

ByActionForex
Published 12/23/2013, 01:15 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) 169.45; (P) 170.25; (R1) 170.73;

As long as 166.57 support holds, further rise is expected in the GBP/JPY. Above 171.18 will target 161.8% projection of 147.61 to 159.98 from 156.63 at 176.64. However, considering bearish divergence condition in 4 hours MACD, break of 166.57 support will indicate near term reversal and bring deeper pull back.

In the bigger picture, the uptrend from 116.83 is still in progress and there is no sign of reversal yet. Break of 159.98 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish. The up trend from 116.83 is still in progress and should target 50% retracement retracement of 251.09 to 116.83 at 183.96 and above.
<span class=GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="600" height="600">
<span class=GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 142.00; (P) 142.36; (R1) 142.64;

Intraday bias in the EUR/JPY remains neutral for the moment. Above 142.89 and sustained break of channel resistance will pave the way to next long term fibonacci level at 152.59. However, break of 140.91 will indicate short term topping and should bring pull back to 138.45/140.02 support zone first.

In the bigger picture, medium term up trend from 94.11 is still in progress and the EUR/JPY seems to be regaining upside momentum again. Sustained break of 61.8% retracement of 169.96 to 94.11 at 140.98 should now pave the way to 76.4% retracement at 152.59. Break of 135.50 resistance turned support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
<span class=EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="600" height="600">
<span class=EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="600" height="600">

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