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GPB/JPY And EUR/JPY Daily Currency Outlook: April 5, 2012
By ActionForexCurrenciesApr 05, 2012 08:11AM ET
www.investing.com/analysis/gpb-jpy-and-eur-jpy-daily-currency-outlook:-april-5,-2012-119309
GPB/JPY And EUR/JPY Daily Currency Outlook: April 5, 2012
By ActionForex | Apr 05, 2012 08:11AM ET
GBP/JPY Daily Outlook
GBP/JPY" title="GBP/JPY" width="721" height="417">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 107.59; (P) 108.64; (R1) 109.39
EUR/JPY's correction from 111.43 extended lower to as low as 107.89 so far and deeper decline could be seen. But after all, we'd expect downside to be contained by 105.64 support and bring rebound. Rally from 97.03 is expected to resume sooner or later. Above 109.81 will flip bias back to the upside for 111.43 first. Decisive break of 111.57 resistance will confirm that fall from 123.31 has completed and should target a test on this key resistance next.
In the bigger picture, a medium term bottom is at least in place at 97.03 in EUR/JPY with bullish convergence condition in weekly MACD. Break of 111.57 resistance will affirm the case of trend reversal and should at least push EUR/JPY for a test on 123.31 resistance. Break there will argue that whole downtrend from 2008 high of 169.96 is completed and reversed. Though, failure to take out 123.31 and reversal from there will likely bring some sideways trading between 97.03/123.31 in medium term.
EUR/JPY H4" title="EUR/JPY H4" width="721" height="417">
EUR/JPY" title="EUR/JPY" width="721" height="417">
Daily Pivots: (S1) 130.21; (P) 131.03; (R1) 131.80
GBP/JPY's consolidation from 133.48 is still in progress. Below 130.00 will bring deeper pull back but still, downside is expected to be contained by 126.54 support and bring rebound. Rise from 117.29 is expected to resume sooner or later and break of 133.48 should target a test on 140.02 key resistance level next.
In the bigger picture, recent development argues that choppy decline from 163.05 is completed at 116.83 already. Focus remains on 140.02 and sustained break there will confirm this bullish case. More importantly, this will also signal completion of the whole downtrend from the 2007 high of 251.09. In such a case, a stronger rise should be seen back to retest on 163.05 resistance next. Though, failure below 140.02 resistance will indicate that GBP/JPY is merely in sideways trading pattern between 116.83 and 140.02.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 107.59; (P) 108.64; (R1) 109.39
EUR/JPY's correction from 111.43 extended lower to as low as 107.89 so far and deeper decline could be seen. But after all, we'd expect downside to be contained by 105.64 support and bring rebound. Rally from 97.03 is expected to resume sooner or later. Above 109.81 will flip bias back to the upside for 111.43 first. Decisive break of 111.57 resistance will confirm that fall from 123.31 has completed and should target a test on this key resistance next.
In the bigger picture, a medium term bottom is at least in place at 97.03 in EUR/JPY with bullish convergence condition in weekly MACD. Break of 111.57 resistance will affirm the case of trend reversal and should at least push EUR/JPY for a test on 123.31 resistance. Break there will argue that whole downtrend from 2008 high of 169.96 is completed and reversed. Though, failure to take out 123.31 and reversal from there will likely bring some sideways trading between 97.03/123.31 in medium term.
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GPB/JPY And EUR/JPY Daily Currency Outlook: April 5, 2012
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