Daily Currency Outlook: EUR/JPY And GBP/JPY : July 11,2018
ActionForex | Jul 11, 2018 06:59AM ET
Daily Pivots: (S1) 130.09; (P) 130.42; (R1) 130.75;
EUR/JPY lose upside momentum after hitting 130.73, as seen in 4 hour MACD. Intraday bias is turned neutral for the moment. Further rise is expected as long as 128.49 minor support holds. Above 130.73 will target 100% projection of 124.61 to 130.33 from 127.13 at 132.85 next. However, break of 128.49 will turn focus back to 127.13 support.
In the bigger picture, for now, EUR/JPY is holding above 124.08 key resistance turned support. Fall from 137.49 could be proven to be a correction. Decisive break of 133.47 resistance will confirm its completion and should extend the rise from 109.03 (2016 low) through 137.49 high. However, firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below.
h2 GBP/JPY Daily Outlook/h2
Daily Pivots: (S1) 146.87; (P) 147.33; (R1) 147.85;
GBP/JPY’s rebound from 143.76 resumed after steep but brief retreat. But upside is limited below 148.10 resistance and momentum is unconvincing as seen in 4 hour MACD. Intraday bias remains neutral first. On the upside, break of 1481.0 will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 145.17 will confirm completion of rebound from 143.76. Intraday bias will be turned back to the downside for retesting 143.17 low. Break will resume the fall from 156.59.
In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.
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