FX Technicals: GPB/JPY And EUR/JPY: November 21, 2014
ActionForex | Nov 21, 2014 04:27AM ET
Daily Pivots: (S1) 184.88; (P) 185.50; (R1) 186.14;
Further rise is still expected in GBP/JPY even though upside momentum is not too convincing. Current rally would target 190 psychological first then 199.80 fibonacci level next. However, break of 181.09 support will indicate short term topping, with bearish divergence condition in 4 hours MACD and bring deeper pull back.
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) 147.71; (P) 148.42; (R1) 148.96;
A temporary top is in place at 149.13 and intraday bias is turned neutral first. Further rally remains in favor and above 149.13 will target next fibonacci level at 152.59. However, considering bearish divergence condition in 4 hours MACD, break of 146.52 minor support will indicate short term topping. In such case, bias will be turned to the downside for 144.21 support and below.
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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