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GPB/JPY And EUR/JPY Currency Outlook: January 9, 2014

ByActionForex
Published 01/09/2014, 02:42 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) 171.70; (P) 172.27; (R1) 173.04;

Intraday bias in the GBP/JPY remains neutral for some more consolidations. Note that the cross is staying above near term rising trend line. Thus, outlook stays mildly bullish. Break of 174.84 will extend rally to 161.8% projection of 147.61 to 159.98 from 156.63 at 176.64. Nonetheless, break of 170.40 should now confirm near term reversal and will bring deeper fall to 166.57 support and below.

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="452" height="600">
<span class=GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="452" height="600">

EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.93; (P) 142.54; (R1) 142.97;

Intraday bias in the EUR/JPY remains neutral for some more consolidation above 141.49 temporary low. We maintain that a short term top is formed at 145.68 and thus another decline is expected. Below 141.49 will target 55 days EMA (now at 139.30) and below.

In the bigger picture, medium term up trend from 94.11 is still in progress and there is not 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="452" height="600">
<span class=EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="452" height="600">

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