Daily Currency Outlook: GPB/JPY And EUR/JPY : April 23, 2015
ActionForex | Apr 23, 2015 05:43AM ET
Daily Pivots: (S1) 179.02; (P) 179.71; (R1) 180.96;
As noted before, the fall from 184.99 should be finished at 174.86. More importantly, the consolidation pattern from 189.70 is also possibly finished with three waves down. Intraday bias remains on the upside for 184.99. Break will most likely extend the larger up trend through 189.70 high. Meanwhile, below 177.46 minor support will turn focus back to 174.86 again.
In the bigger picture, the up trend from 116.83 lost much medium term momentum with bearish divergence condition seen in weekly MACD. Medium term top could be around the corner, if not formed. Break of 168.01 support will confirm this bearish case and bring deeper correction. Though, as long as 168.01 holds, the up trend could still extend to 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level.
Daily Pivots: (S1) 128.18; (P) 128.57; (R1) 128.97;
Intraday bias in EUR/JPY stays neutral for the moment. As long as 131.28 resistance holds, deeper decline is still expected and break off 126.09 will extend the larger fall to 61.8% projection of 149.76 to 130.13 from 136.67 at 124.53 next. However, break of 131.28 will indicate near term reversal and turn focus back to 136.67 resistance instead.
In the bigger picture, the correction from 149.76 medium term top is still in progress and took out 38.2% retracement of 94.11 to 149.76 at 128.50 already. Such fall would now extend to 61.8% retracement at 115.36, which we might find strong support. In any case, outlook will stay bearish as long as 136.67 resistance holds and deeper decline is expected.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.