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GPB/JPY And EUR/JPY Currency Outlook: September 12, 2013

ByActionForex
Published 09/12/2013, 05:23 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) 157.48; (P) 158.01; (R1) 158.51;

A temporary top is in place at 158.54 with the GBP/JP.Also, the intraday bias has turned neutral first. But, a break of 154.67 support is needed to indicate short term topping. Otherwise, outlook will stay bullish. Above 158.54 will extend recent rally towards next key resistance level at 163.05.

In the bigger picture, the rally from the 116.83 medium term bottom has just resumed, and further rally should be seen back to 163.05 resistance. We'd be cautious on strong resistance from there to bring a reversal. Though, a break of 147.10 is needed to signal a completion of the rise. Otherwise, outlook will stay bullish.

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EUR/JPY

Daily Pivots: (S1) 132.68; (P) 133.03; (R1) 133.29;

A temporary top is in place at 133.37 and intraday bias is turned neutral first. While another rise cannot be ruled out, we'd stay cautious on strong resistance from 133.80 to limit upside to bring reversal. A break of 130.97 will turn bias back to the downside for 129.30 and below. However, sustained break of 133.80 will indicate resumption of larger rally, and should target 140 psychological level next.

In the bigger picture, medium term up trend from 94.11 has topped out at 133.80 on bearish divergence condition in the daily MACD. Consolidation from there could extend with another fall to 55 weeks EMA (now at 121.76) and below. But, we'd expect strong support from the 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63) to contain the downside. Considering the five wave structure of the rise from 94.11 we'd expect another medium term rally after completing the correction.

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