Daily Currency Outlook: GPB/JPY And EUR/JPY : April 27 ,2017
ActionForex | Apr 27, 2017 07:58AM ET
Daily Pivots: (S1) 142.15; (P) 142.83; (R1) 143.33;
GBP/JPY's rally is still in progress and intraday bias remains on the upside for 144.77 resistance. Consolidation pattern from 148.42 should have completed three waves down to 135.58, after hitting 135.39 fibonacci level. Break of 144.77 should extend whole rise from 122.36 through 148.42. On the downside, break of 140.04 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. As long as 50% retracement of 122.36 to 148.42 at 135.39 holds, another rising leg would be seen to 38.2% retracement of 195.86 to 122.36 at 150.42 and possibly above. However, firm break of 135.39 will bring retest of 122.36, with prospect of resuming the larger down trend from 195.86.
h2 EUR/JPY Daily Outlook/h2Daily Pivots: (S1) 120.68; (P) 121.32; (R1) 121.74;
A temporary top is in place at 121.97 in EUR/JPY and intraday bias is turned neutral first. Some consolidations would be seen but downside should be contained by 118.91 support and bring another rally. Above 121.97 will target 122.88 resistance first. Break will likely resume the larger rally from 109.20. In such case, EUR/JPY should break through 124.08 to 126.09 key resistance level.
In the bigger picture, price actions from 109.20 is still seen as a corrective move for the moment. But current development suggests that the first leg is finished at 109.20, second leg at 114.84. And rise from 114.84 is possibly developing into the third leg. Further rise will now be in favor through 124.08 resistance. Strong break of 126.09 support turned resistance will confirm completion of whole fall from 149.76 at 109.20. In such case, rise from 109.20 is developing into a medium term move for 141.04 and above.
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