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

ByActionForex
Published 11/26/2012, 04:37 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook

Daily Pivots: (S1) 131.14; (P) 131.68; (R1) 132.56

Intraday bias in GBP/JPY remains on the upside for the moment. Sustained trading above the channel resistance will indicate acceleration and should target 133.48 resistance and above. On the downside, below 130.79 minor support will indicate short-term topping and will turn bias to the downside for corrections first.

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.
GBP/JPY H4
GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 106.08; (P) 106.52; (R1) 107.34

Intraday bias in EUR?JPY remains on the upside for the moment. Sustained trading above 61.8% projection of 94.11 to 104.58 from 100.32 at 106.79 will pave the way to 100% projection at 110.79 next, which is close to 111.43 key resistance. On the downside, below 105.71 minor support will indicate short-term topping and will flip bias to the downside correction first.

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 strong 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
EUR/JPY

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