GPB/JPY: Outlook Remains Unchanged; EUR/JPY: On The Downside
ActionForex | Nov 24, 2014 01:50AM ET
Daily Pivots: (S1) 183.74; (P) 184.71; (R1) 185.46;
Outlook in GBP/JPY remains unchanged. With 181.09 minor support intact, further rally is still expected for 190 psychological level. 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 is still in progress for 61.8% retracement of 251.09 to 116.83 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) 144.96; (P) 146.70; (R1) 147.72;
Intraday bias in EUR/JPY remains mildly on the downside for the moment. As noted before, a short term top was formed at 149.13 on bearish divergence condition in 4 hours MACD. Deeper decline would be seen to 144.21 resistance turned support. But we'd expect strong support from 142.08/144.21 support zone and bring rebound. Some consolidations should be seen in near term first but another rally is expected after that. Break of 149.13 will target next fibonacci level at 152.59.
In the bigger picture, the up trend from 94.11 long term bottom is still in progress and has just resumed. Further rise should be seen to 76.4% retracement of 169.96 to 94.11 at 152.59 next. 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 stay bullish.
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