Daily Currency Outlook: GPB/JPY And EUR/JPY : September 08, 2016
ActionForex | Sep 08, 2016 02:43AM ET
Daily Pivots: (S1) 135.03; (P) 136.07; (R1) 136.76;
Intraday bias in GBP/JPY remains neutral for the moment. Overall, price actions from 128.66 are seen as a consolidation pattern with rise from 129.14 as the third leg. Above 138.81 will extend the rise to 143.21 resistance and possibly above. On the downside, below 134.38 minor support will turn bias to the downside for retesting 128.66 first.
In the bigger picture, fall from 195.86 medium term top is still in progress and would target 100% projection of 195.86 to 154.70 from 163.87 at 122.71. There is prospect of retesting 116.83 (2011 low). On the upside, break of 154.70 support turned resistance is needed to be the first sign medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
Daily Pivots: (S1) 113.79; (P) 114.34; (R1) 114.88;
With 114.68 minor resistance intact, intraday bias in EUR/JPY remains on the downside for 112.31 support. Recent price actions from 109.20 are viewed as a consolidation pattern. Break of 112.31 will target a test on 109.20 low. Meanwhile, above 116.36 will turn focus back to 118.45 resistance.
In the bigger picture, there is no sign of trend reversal yet. The medium term fall from 149.76 is expected to continue and target 76.4% retracement of 94.11 to 149.76 at 107.24. Sustained break there will bring retest of 94.11 low. In any case, break of 121.93 resistance is needed to be the first signal of reversal. Otherwise, outlook will stay bearish in case of rebound.
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