Daily Currency Outlook: GPB/JPY And EUR/JPY : July 08, 2016
ActionForex | Jul 08, 2016 07:00AM ET
Daily Pivots: (S1) 129.11; (P) 130.53; (R1) 131.49;
Intraday bias in GBP/JPY stays on the downside for next projection level at 122.71. On the upside, break of 139.01 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, fall from 195.86 medium term top is still in progress and would target 100% projection of 195.86 to 154.70 from 163.87 at 122.71. There is prospect of retesting 116.83 (2011 low). On the upside, break of 154.70 support turned resistance is needed to be the first sign medium term bottoming. Otherwise, outlook will remain bearish in case of recovery.
Daily Pivots: (S1) 110.94; (P) 111.73; (R1) 112.24;
Intraday bias remains mildly on the downside for the moment. Recovery from 109.20 could have completed at 114.79 already. Deeper fall should be seen to 109.20 first. Break will resume recent down trend and target next long term fibonacci level at 107.24. In case of another recovery, we'd continue to expect strong resistance from 115.49 to limit upside and bring down trend resumption.
In the bigger picture, medium term down trend form 149.76 is still in progress. Further downside acceleration would send the cross to 76.4% retracement of 94.11 to 149.76 at 107.24. Sustained break there will bring retest of 94.11 low. In any case, break of 121.93 resistance is needed to be the first signal of reversal. Otherwise, outlook will stay bearish in case of recovery.
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