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GPB/JPY And EUR/JPY Daily Oulook: January 16, 2013

ByActionForex
Published 01/16/2013, 03:59 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) 141.42; (P) 142.80; (R1) 143.95

GBP/JPY's retreat from 144.80 is still in progress and deeper fall could be seen. But movement to the downside should be contained by 139.39 support and bring a rebound. The recent rally is still expected to continue. A break of medium-term retracement level at 145.39 will pave the way to 150 psychological level next.

In the bigger picture, the medium-term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude a reversal of the long-term downtrend from 251.09 (2007 high). But a rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, a medium-term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.
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<span class=GBP/JPY" title="GBP/JPY" width="570" height="482">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 117.12; (P) 118.55; (R1) 119.52

Intraday bias in EUR/JPY remains neutral for the moment and retreat from 120.12 temporary top continues. Deeper fall could be seen to 4 hours 55 EMA (now at 116.60) or even further to 115.98 and below. But downside should be contained by 113.54 support and bring rally resumption. Break of 120.12 will extend recent rise to next medium-term Fibonacci level at 123.08.

In the bigger picture, the whole downtrend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. A medium-term rally is now expected that heads back to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) first. A break will target 61.8% retracement at 140.98. And, we'll stay bullish as long as 104.58 resistance turned support holds.
<span class=EUR/JPY H4" title="EUR/JPY H4" width="570" height="482">
<span class=EUR/JPY" title="EUR/JPY" width="570" height="482">

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