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GPB/JPY And EUR/JPY Daily Outlook: June 28, 2012
By ActionForexCurrenciesJun 28, 2012 06:56AM ET
www.investing.com/analysis/gpb-jpy-and-eur-jpy-daily-outlook:-june-28,-2012-128005
GPB/JPY And EUR/JPY Daily Outlook: June 28, 2012
By ActionForex | Jun 28, 2012 06:56AM ET
GBP/JPY Daily Outlook
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) 99.11; (P) 99.36; (R1) 99.65
EUR/JPY continues to stay in tight range and intraday bias remains neutral. As noted before, rebound from 95.64 could extend higher with 98.53 minor support intact. Above 99.96 minor resistance will flip bias to the upside for 101.62 and above. But considering bearish divergence condition in 4 hours MACD, even in case of another rise, upside should be limited by 61.8% retracement of 108.00 to 95.64 at 103.27 and bring reversal. On the downside, break of 95.83 should now indicate that larger decline from 111.43 is resuming and should flip bias back to the downside for 95.64 and below.
In the bigger picture, the larger downtrend from 2008 high of 169.96 is still in progress and could extend further lower towards 90 psychological level. However, as we're favoring the case that pattern from 139.21 is a falling wedge with bullish convergence condition in weekly MACD. Fall from 111.43 should be the last leg in such pattern. Hence, we'll expect strong support above 88.96 to contain downside, form a major bottom and bring reversal. So, focus will be on reversal signal in case of another decline. Meanwhile, break of 104.61 will be the first signal of reversal while further break of 111.43 should confirm.
EUR/JPY H4" title="EUR/JPY H4" width="911" height="662">
EUR/JPY" title="EUR/JPY" width="911" height="662">
Daily Pivots: (S1) 123.78; (P) 124.17; (R1) 124.47
No change in GBP/JPY's outlook. with 122.12 minor support intact, rebound from 118.81 could extend higher to above 125.82. But considering bearish divergence condition in 4 hours MACD, even in the next rise, strong resistance will likely be seen ahead of 127.10 and bring reversal. On the downside, break of 122.12 will now indicate that corrective rise from 118.82 is finished and larger decline from 133.48 is resuming for a test on 116.83/117.29 support zone.
In the bigger picture, the corrective structure of the rebound from 116.83 to 133.48 indicates that downtrend from 2007 high of 251.09 is not finished yet. Break of 116.83 will resume such down trend and target 110 psychological level first. Break will pave the way to the more important 100 level and possibly below. On the upside, however, above 127.01 will firstly indicate that fall from 133.48 is finished. Further, break of 133.48 should then confirm medium-term reversal.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 99.11; (P) 99.36; (R1) 99.65
EUR/JPY continues to stay in tight range and intraday bias remains neutral. As noted before, rebound from 95.64 could extend higher with 98.53 minor support intact. Above 99.96 minor resistance will flip bias to the upside for 101.62 and above. But considering bearish divergence condition in 4 hours MACD, even in case of another rise, upside should be limited by 61.8% retracement of 108.00 to 95.64 at 103.27 and bring reversal. On the downside, break of 95.83 should now indicate that larger decline from 111.43 is resuming and should flip bias back to the downside for 95.64 and below.
In the bigger picture, the larger downtrend from 2008 high of 169.96 is still in progress and could extend further lower towards 90 psychological level. However, as we're favoring the case that pattern from 139.21 is a falling wedge with bullish convergence condition in weekly MACD. Fall from 111.43 should be the last leg in such pattern. Hence, we'll expect strong support above 88.96 to contain downside, form a major bottom and bring reversal. So, focus will be on reversal signal in case of another decline. Meanwhile, break of 104.61 will be the first signal of reversal while further break of 111.43 should confirm.
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GPB/JPY And EUR/JPY Daily Outlook: June 28, 2012
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