Daily Currency Outlook: GPB/JPY And EUR/JPY : March 16, 2016
ActionForex | Mar 16, 2016 07:57AM ET
Daily Pivots: (S1) 158.81; (P) 160.84; (R1) 162.16;
Intraday bias in GBP/JPY remains neutral for the moment. Overall outlook is unchanged that rebound from 154.70 is viewed as a correction. In case of another rise, we'd expect strong resistance above 61.8% retracement of 175.01 to 154.70 at 167.25 to limit upside and bring down trend resumption. On the downside, below 159.46 minor support will turn bias back to the downside for 154.70. Break will extend the larger down trend.
In the bigger picture, a medium term top was formed at 195.86 on bearish divergence condition in weekly MACD. Fall from 195.86 is currently viewed as a correction and would likely extend to 61.8% retracement of 116.83 to 195.86 at 147.01 before completion. On the upside, break of 175.01 resistance is needed to indicate completion of fall from 195.86. Otherwise, outlook will remain bearish in case of rebound.
Daily Pivots: (S1) 124.98; (P) 125.82; (R1) 126.55;
Intraday bias in EUR/JPY remains neutral for the moment. Outlook is unchanged that rebound from 122.06 is viewed as a corrective move. In case of another rise, wed expect strong resistance above 61.8% retracement of 132.36 to 122.06 at 128.42 to complete it and bring down trend resumption. Meanwhile, below 124.89 minor support will turn bias back to the downside for 122.06 low instead.
In the bigger picture, medium term correction from 149.76 is still in progress and would extend to 100% projection of 149.76 to 126.09 from 141.04 at 117.37. We'll look form bottoming signal around 61.8% retracement of 94.11 to 149.76 at 115.36. Break of 132.36 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bearish in case of rebound.
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