GPB/JPY And EUR/JPY Daily Outlook: November 29, 2012

By ActionForexCurrenciesNov 29, 2012 05:11AM ET

www.investing.com/analysis/gpb-jpy-and-eur-jpy-daily-outlook:-november-29,-2012-145494

GPB/JPY And EUR/JPY Daily Outlook: November 29, 2012

By ActionForex | Nov 29, 2012 05:11AM ET

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EUR/JPY

-0.15%

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GBP/JPY

-0.20%

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 130.70; (P) 131.19; (R1) 131.93

GBP/JPY drew some support from 4 hours 55 EMA and recovered as consolidation from 132.44 continued. More sideways trading would be seen in near-term with risk of another fall. But downside should be contained above 128.25 cluster support and bring another rally. Above 132.44 will target 133.48 key resistance and above.

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" title="GBP/JPY H4" width="1148" height="733">
GBP/JPY" title="GBP/JPY" width="1148" height="733">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 105.60; (P) 105.98; (R1) 106.68

EUR/JPY recovered after getting some support from 4 hours 55 EMA as consolidation from 107.13 continued. More corrective trading would be seen and deeper decline cannot be ruled out. But in any case, downside should be contained above 103.04 cluster support and bring another rally. Above 107.13 will target 100% projection of 94.11 to 104.58 from 100.32 at 110.79 next, which is close to 111.43 key resistance.

In the bigger picture, we're favoring the case that whole downtrend 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" title="EUR/JPY H4" width="1148" height="733">
EUR/JPY" title="EUR/JPY" width="1148" height="733">

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GPB/JPY And EUR/JPY Daily Outlook: November 29, 2012

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