Daily Currency Outlook GBP/JPY and EUR/JPY Remain Bullish
ActionForex | Dec 17, 2014 05:07AM ET
Daily Pivots: (S1) 181.66; (P) 183.37; (R1) 185.02;
No change in GBP/JPY's outlook. While correction from 189.70 might extend, we'd continue to expect strong support from 181.09, 38.2% retracement of 168.01 to 189.70 at 181.41, to contain downside and bring rebound. Above 187.04 will turn bias to the upside. But break of 189.70 is needed to confirm rally resumption. Otherwise, we'd expect more corrective trading in near term. Meanwhile, firm break of 181.09 will pave the way to 61.8% retracement at 176.29.
In the bigger picture, the up trend from 116.83 is still in progress for a 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to a 200 psychological level. On the downside,a break at 168.01 support is needed to confirm medium term topping. Otherwise, outlook will stay bullish in case of pull back.
Daily Pivots: (S1) 144.69; (P) 145.86; (R1) 146.76;
No change in EUR/JPY's outlook. Intraday bias remains on the downside and a correction from 149.76 short term top is expected to continue lower. At this point, we'd expect strong support from 142.08, 50% retracement from 134.13 to 149.76 at 141.94, to contain downside and bring rebound. On the upside, above 148.23 minor resistance will turn bias back to the upside. But break of 149.76 is needed to confirm rally resumption. Otherwise, we'd expect more corrective trading in near term.
In the bigger picture, the up trend from 94.11 long term bottom is still in progress for a 76.4% retracement of 169.96 to 94.11 at 152.59 next. Break at 152.59 will target a test at 169.96 (2008 high). On the downside,a break at 134.13 is needed to confirm medium term reversal. Otherwise, outlook will remain bullish.
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