GPB/JPY And EUR/JPY Daily Outlook: April 26, 2012

Daily Pivots: (S1) 130.71; (P) 131.26; (R1) 132.00;

Intraday bias in GBP/JPY remains neutral for the moment and more consolidations could still be seen. But with 129.53 minor support intact, another rise remains in favor. Above 131.79 will target 133.48 first. Break will confirm resumption of whole rise from 117.29. Though, below 129.83 will suggest that rebound from 127.10 is finished and flip bias back to the downside for 127.10 and possibly below to extend the correction from 133.48.

In the bigger picture, with 126.54 support intact, rise from 117.29 should still be in progress. Current development is still in line with the view that choppy decline from 163.05 is finished at 116.83 already. We'd favor further rise to 140.02 key resistance level next. Decisive break there will confirm this bullish case and target 163.05 key resistance next. Nonetheless, another fall and break of 126.54 will put focus back to 116.83 low instead.
GBP/JPY H4" title="GBP/JPY H4" width="911" height="662">

GBP/JPY" title="GBP/JPY" width="911" height="662">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 107.16; (P) 107.40; (R1) 107.74;

EUR/JPY is still staying in range of 106.31/108.00 and intraday bias remains neutral for the moment. On the upside, above 108.00 will revive the case that correction from 111.43 is finished at 104.61 already. In such case, stronger rebound would be seen back to retest 111.43/57 resistance zone. Though, below 106.31 will flip bias back to the downside for 104.61 and below.

In the bigger picture, the question remains on whether down trend from 169.96 has completed 97.03 and the picture is unclear. There were loss of medium term downside momentum as seen in convergence condition in weekly MACD. But rebound from 97.03 lacked sustainable strength to break through 111.57 yet. We'll stay neutral first. Note that firstly, while another fall cannot be ruled out yet, the break of 97.03 could be marginal. Meanwhile, sustain trading above 111.57 should raise much odds for the case that EUR/JPY's trend is reversing.
EUR/JPY H4" title="EUR/JPY H4" width="911" height="662">

EUR/JPY" title="EUR/JPY" width="911" height="662">