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GPB/JPY And EUR/JPY Currency Outlook: January 14, 2014

ByActionForex
Published 01/14/2014, 03:09 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) 167.54; (P) 169.59; (R1) 170.86;
 
Intraday bias in the GBP/JPY remains on the downside for the moment. The correction from 174.84 short term top should extend to 166.57 support and below. On the upside, break of 173.12 minor resistance is needed to indicate completion of the corrective fall. Otherwise, near term outlook will stay mildly bearish.
 
In the bigger picture, the up trend 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 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) 140.09; (P) 141.22; (R1) 141.94;
 
The correction from 145.68 short term top is still in progress and intraday bias remains on the downside. Deeper decline would be seen to 55 days EMA (now at 139.52) and below. On the upside, break of 143.17 resistance is needed to indication completion of the corrective fall from 145.68. Otherwise, near term outlook is mildly bearish.
 
In the bigger picture, medium term up trend from 94.11 is still in progress and there is no clear sign of topping yet. Further rally is expected to 76.4% retracement of 169.96 to 94.11 at 152.59 and above. And, 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=GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600">
 

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