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GPB/JPY And EUR/JPY Daily Currency Outlook: April 18, 2012

ByActionForex
Published 04/18/2012, 08:23 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) 127.86; (P) 128.41; (R1) 129.27

In the bigger picture, recent pull back in GBP/JPY was relatively shallower than other yen crosses. Indeed, 126.54 support is intact so far and thus, retaining the bullish case that rise from 116.83 is still in progress. In other words, favor is mildly on the case that 116.83 is at least a medium term bottom. Though, we'd still prefer to see decisive break of 133.48 resistance to confirm upside momentum and pave the way to 140.02 key resistance level. Otherwise, we'll stay neutral first and expect some more consolidative trading below 133.48 first.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 105.47; (P) 105.89; (R1) 106.50

Intraday bias in EUR/JPY is neutral for the moment with focus on 107.09 minor resistance. As long as 107.09 intact, another decline is still in favor and below 104.61 should extend the fall from 111.43 to 61.8% retracement of 97.03 to 111.43 at 102.53 next. Break will target 97.03 low. Nonetheless, break of 107.09 will argue that choppy fall from 111.43 is possibly finished and flip bias back to the upside for retesting this resistance.

In the bigger picture, the rebound form 97.03 was disappointing as it failed to take out 111.57 resistance. Indeed, EUR/JPY also failed to sustain above 55 weeks EMA and is back under this level. While the downtrend from 169.96 has been showing loss of downside momentum in bullish convergence condition in weekly MACD, there is not enough evidence to warrant a reversal yet. We'd possibly a new low below 97.03 before EUR/JPY bottoms.
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<span class=EUR/JPY" title="EUR/JPY" width="640" height="385">

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