Daily Currency Outlook: GPB/JPY And EUR/JPY
ActionForex | Dec 19, 2013 01:59AM ET
GBP/JPY Daily Outlook
Daily Pivots: (S1) 168.13; (P) 169.65; (R1) 172.45;
The break of 170.05 resistance indicates that recent consolidations has completed and rally has resumed. Intraday bias is back on the upside. Current rise should now target 161.8% projection of 147.61 to 159.98 from 154.72 at 174.73. On the downside, break of 166.57 is needed to signal short term topping. Otherwise, outlook will stay bullish.
In the bigger picture, break of 159.98 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay cautiously bullish. The up trend from 116.83 is still in progress and should target 50% retracement retracement of 251.09 to 116.83 at 183.96 and above.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 141.66; (P) 142.27; (R1) 143.33;
Despite a brief breach of 142.82, EUR/JPY quickly retreated back into familiar range. Intraday bias stays neutral first. On the downside, break of 140.91 minor support will indicate short term topping. In that case, intraday bias will be turned to the downside for pull back to to 138.45/140.02 support zone first. Meanwhile, sustained break of the channel resistance (now at 142.87) will pave the way to next long term fibonacci level at 152.59.
In the bigger picture, medium term up trend from 94.11 is still in progress and EUR/JPY seems to be regaining upside momentum again. Sustained break of 61.8% retracement of 169.96 to 94.11 at 140.98 should now pave the way to 76.4% retracement at 152.59. Break of 135.50 resistance turned support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
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