Investing.com - Financial Markets Worldwide

GPB/JPY On The Upside, EUR/JPY Resumes Rally

ByActionForex
Published 02/06/2013, 04:30 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) 145.23; (P) 146.24; (R1) 147.63;

Intraday bias in GBP/JPY remains on the upside for the moment. Current rally from 118.82 should extend to 150 psychological level next. On the downside, though, below 144.86 minor support will argue that a short term top is formed. And in such a case, deeper retreat could be seen back to 139.25 support instead.

In the bigger picture, medium term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). But rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, medium term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.

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<span class=GBP/JPY" title="GBP/JPY" width="620" height="414">
EUR/JPY Daily Outlook

Daily Pivots: (S1) 125.05; (P) 126.13; (R1) 128.25;

EUR/JPY's rally resumed after a brief retreat and reaches as high as 127.64 so far today. Intraday bias is back on the upside. As noted before, current rise from 100.32 is expected to continue to 130 psychological level next. On the downside, break of 124.01 support is needed to signal short term topping. Otherwise, outlook will stay bullish in case of a retreat.

In the bigger picture, whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) is already met. Sustained trading above this level will target 61.8% retracement at 140.98. And, we'll stay bullish as long as 111.43 resistance turned support holds.

<span class=EUR/JPY H4" title="EUR/JPY H4" width="620" height="414">

<span class=EUR/JPY" title="EUR/JPY" width="620" height="414">

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