GPB/JPY And EUR/JPY Currency Outlook: January 2, 2014

GBP/JPY Daily Outlook

Daily Pivots: (S1) 173.26; (P) 173.88; (R1) 174.96;

The GBP/JPY's rally continues today and reaches as high as 174.84 so far today. Intraday bias remains on the upside. Current rise should extend to 161.8% projection of 147.61 to 159.98 from 156.63 at 176.64 next. On the downside, below 172.81 minor support will turn bias neutral and bring consolidations first. But retreat should be contained above 170.05 resistance turned support and bring another rally.

In the bigger picture, the up trend from 116.83 is still in progress and there is no sign of reversal yet. Break of 166.57 support is needed to be the first signal of 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.
GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="452" height="600">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="452" height="600">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 144.45; (P) 144.80; (R1) 145.20;

Intraday bias is neutral for the moment and some consolidations could be seen below 145.68 temporary top first. In case of deeper retreat, downside should be contained by 142.82 resistance turned support and bring another rally. Above 145.68 will extend recent rally to long term fibonacci level at 152.59.

In the bigger picture, medium term up trend from 94.11 is still in progress and 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.
EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="452" height="600">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="452" height="600">