Daily Currency Outlook: Intraday Bias For GPB/JPY, EUR/JPY Neutral
ActionForex | Apr 25, 2013 05:11AM ET
Daily Pivots: (S1) 151.20; (P) 151.75; (R1) 152.40;
Intraday bias in the GBP/JPY remains neutral for the moment. Consolidation from 153.86 might extend with another decline. Below 149.97 will turn bias to the downside. But in that case, downside should be contained above 145.91, and bring rebound. Eventually, we'd expect up trend from 118.82 to resume later by breaking 153.86.
In the bigger picture, medium term fall from 163.05 has already completed at 116.83. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). A rise from 116.83 should at least be a move at the same degree as a fall from 163.05. Medium term rise is now expected back at 163.05. We'll stay bullish as long as 140.37 support holds.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 128.93; (P) 129.36; (R1) 129.91;
Intraday bias in EUR/JPY remains neutral for the moment. Consolidation pattern from 131.12 might extend with another fall; below 127.86 will bring deeper decline. Still, downside should be contained above 123.86 support and bring rebound. An upside breakout is expected, and above 131.12 will resume the whole rally from 94.11.
In the bigger picture, whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. The rise from there isn't finished yet, and is expected to continue to 50% retracement of 169.96 to 94.11 at 132.03 next. Eventually, such a rise would likely extend to 139.21 resistance and above. A break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
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