GPB/JPY And EUR/JPY Daily Outlook: December 4, 2012

By ActionForexCurrenciesDec 04, 2012 05:36AM ET

www.investing.com/analysis/gpb-jpy-and-eur-jpy-daily-outlook:-december-4,-2012-146087

GPB/JPY And EUR/JPY Daily Outlook: December 4, 2012

By ActionForex | Dec 04, 2012 05:36AM ET

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EUR/USD

+0.46%

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EUR/JPY

+0.06%

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GBP/JPY

-0.03%

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0.00%

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 131.77; (P) 132.15; (R1) 132.71

GBP/JPY lost some upside momentum but still, with 130.45 minor support intact, further rally is expected. Current rise from 125.67 is part of the whole rally from 118.82 and should target 133.48 resistance and above. On the downside, break of 130.45 minor support is needed to signal short-term topping. Otherwise, we'll stay cautiously bullish even in case of retreat.

In the bigger picture, at this point, we'd like to maintain that price actions from 116.83 (2011 low) are corrective in nature so far. Rise from 118.82 could be the third leg of the pattern from 116.83 and might target 133.48 and above. After all, the likely scenario is that we'll see more range trading between 116.83 and 140.02 (50% retracement of 163.05 to 116.83 at 139.94) ahead, before an eventual downside breakout. We'll favor this view as long as 140.02 resistance holds.
EUR/USD" title="EUR/USD" width="470" height="809">
GBP/JPY" title="GBP/JPY" width="470" height="809">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 106.93; (P) 107.26; (R1) 107.66

EUR/JPY lost some upside momentum but further rise is still expected with 105.27 minor support intact. Current rally from 100.32 is part of the rise from 94.11 and should now target 100% projection of 94.11 to 104.58 from 100.32 at 110.79 next, which is close to 111.43 key resistance. On the downside, break of 105.27 support is needed to signal short term topping. Otherwise, we'll stay bullish in case of retreat.

In the bigger picture, we're favoring the case that whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. The sustained break above 55 weeks EMA affirmed this view. Break of 111.43 resistance will confirm this bullish case and bring further medium term rise to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) and above. And, we'd favor this bullish scenario as long as 100.32 support holds.
EUR/JPY H4" title="EUR/JPY H4" width="470" height="809">
EUR/JPY" title="EUR/JPY" width="470" height="809">

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GPB/JPY And EUR/JPY Daily Outlook: December 4, 2012

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