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GPB/JPY And EUR/JPY Daily Outlook: September 24, 2012

ByActionForex
Published 09/24/2012, 03:11 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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GBP/JPY
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GBP/JPY Daily Outlook

Daily Pivots: (S1) 126.49; (P) 127.05; (R1) 127.35

GBP/JPY's consolidation fro 128.82 short-term top is still in progress and deeper decline might be seen. But downside should be contained by 124.41 support and bring rebound. Break of 128.82 will extend the whole rally from 118.82 to 133.48 resistance next.

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. But this is far from being certain. 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.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 101.09; (P) 101.60; (R1) 101.94

EUR/JPY's pull back from 103.86 short-term top might extend lower. But downside is expected to be contained by 99.52 support and bring another rise. Rally from 94.11 is expected to continue and above 103.86 will target 61.8% retracement of 111.43 to 94.11 at 104.81 and above.

In the bigger picture, we're favoring the case that whole down trend from 169.96 (3008) has completed at 99.11 already, on bullish convergence condition in weekly MACD. Focus is now on 111.43 key resistance level. Break will confirm this bullish case and bring further medium-term rise to 123.31 and above (38.2% retracement of 169.96 to 94.11 at 123.08). And, we'd favor this bullish scenario as long as 99.52 support holds.
<span class=EUR/JPY_H4" title="EUR/JPY_H4" width="600" height="600">
<span class=EUR/JPY" title="EUR/JPY" width="600" height="600">

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