Daily Currency Outlook: GPB/JPY And EUR/JPY : June 23, 2016
ActionForex | Jun 23, 2016 07:02AM ET
Daily Pivots: (S1) 152.77; (P) 153.67; (R1) 154.50;
Intraday bias in GBP/JPY remains mildly on the upside for the moment. As short term bottom was formed at 145.38 and rebound from there would target 55 days EMA (now at 156.59) first. Break will target 163.87 resistance. There is no confirmation of trend reversal yet and we'll be cautious on strong resistance from 163.87 to limit upside. On the downside, below 151.66 minor support will turn bias neutral again.
In the bigger picture, fall from 195.86 medium term top is still in progress and met 61.8% retracement of 116.83 to 195.86 at 147.01 already. Current downside acceleration suggest that it's target 61.8% projection of 195.86 to 154.70 from 163.87 at 138.43. In any case, break of 163.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish with risks on the downside.
Daily Pivots: (S1) 117.39; (P) 118.00; (R1) 118.57;
EUR/JPY is still staying in range of 115.49/119.48 and intraday bias remains neutral. We're stay cautious on bottoming around long term fibonacci level at 115.36. Break of 119.48 resistance will be the first sign of reversal and will turn bias to the upside for 121.47 support turned resistance first.
In the bigger picture, medium term down trend form 149.76 is still in progress. We'll look for bottoming signal around 61.8% retracement of 94.11 to 149.76 at 115.36. But further downside acceleration would send the cross to 76.4% retracement at 107.24. In any case, break of 126.09 support turned resistance is needed to confirm medium term reversal. Otherwise, outlook will stay bearish.
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