GPB/JPY And EUR/JPY: Today's Activity
ActionForex | Nov 20, 2014 02:51AM ET
Daily Pivots: (S1) 183.31; (P) 184.19; (R1) 185.86;
The break of 184.66 confirmed resumption of recent rally and GBP/JPY reaches as high as 186.11 so far. Intraday bias is back on the upside for 190 psychological level first and then 199.80 fibonacci level next. On the downside, break of 181.09 support is needed to confirm short term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, the up trend from 116.83 has just resumed. Sustained break of 50% retracement retracement of 251.09 to 116.83 at 183.96 will now pave the way to 61.8% retracement 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) 146.92; (P) 147.52; (R1) 148.67;
EUR/JPY's rally extends to as high as 148.93 so far today as recent up trend continues. Intraday bias remains on the upside for next fibonacci level at 152.59. On the downside, below 146.52 minor support will turn bias neutral and bring consolidations. But retreat should be contained by 142.08 support and bring rally resumption.
In the bigger picture, consolidation pattern from 145.68 is completed at 134.13 after breaching 55 weeks EMA briefly. The up trend from 94.11 long term bottom is resuming for 76.4% retracement of 169.96 to 94.11 at 152.59 next. Weekly MACD aurges that EUR/JPY is gathering upside momentum again. 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 stays bullish.
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