GPB/JPY And EUR/JPY: Daily Outlook
ActionForex | Dec 08, 2014 02:48AM ET
Daily Pivots: (S1) 187.77; (P) 188.74; (R1) 190.19;
Intraday bias in GBP/JPY remain on the upside for 190 psychological level. Sustained break will target next long term fibonacci level at 199.80. Meanwhile, momentum as seen in 4 hours MACD isn't too convincing. And the cross looks overbought in daily chart. Break of 187.29 would indicate short term topping and could trigger pull back to 181.09/184.31 support zone first.
In the bigger picture, the up trend from 116.83 is still in progress for 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. On the downside, break of 168.01 support is needed to confirm medium term topping. Otherwise, outlook will stay bullish in case of pull back.
Daily Pivots: (S1) 148.44; (P) 148.97; (R1) 149.71;
Intraday bias in EUR/JPY remains on the upside for the moment. While upside momentum isn't too convincing as seen in daily MACD, further rise will remain in favor as long as 147.02 support holds. EUR/JPY should target next fibonacci level at 152.59.
In the bigger picture, the up trend from 94.11 long term bottom is still in progress for 76.4% retracement of 169.96 to 94.11 at 152.59 next. Break of 152.59 will target a test on 169.96 (2008 high). On the downside, break of 134.13 is needed to confirm medium term reversal. Otherwise, outlook will stay bullish.
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