FX Technicals: GPB/JPY, EUR/JPY
ActionForex | Oct 31, 2014 08:21AM ET
Daily Pivots: (S1) 174.08; (P) 174.61; (R1) 175.26;
GBP/JPY's strong rise today suggests that fall from 180.70 has completed already. Intraday bias is back on the upside for retesting 180.70 first. Break will resume larger up trend. On the downside, below 174.63 minor support will turn bias back to the downside for retesting 168.01 instead.
In the bigger picture, current development argues that the larger up trend from 116.83 might not be over yet. Focus is back on 180.70 and break there will target next long term retracement level of 50% retracement retracement of 251.09 to 116.83 at 183.96. Though, break of 168.01 will bring deeper correction back to 38.2% retracement of 116.83 to 180.70 at 156.30.
Daily Pivots: (S1) 137.15; (P) 137.60; (R1) 138.17;
EUR/JPY's strong rise today firstly indicates that fall from 141.21 has completed. More importantly, whole correction pattern from 145.68 might be finished at 134.12 too. Intraday bias is now on the upside for 141.12 first. Break will target a test on 145.68. On the downside, break of 137.68 will mix up the outlook again and turn bias neutral.
In the bigger picture, current development argue that the consolidation pattern from 145.68 is finished. More importantly, the long term up trend from 94.11 might be resuming. Focus is back on 145.68 and break there will target 76.4% retracement of 169.96 to 94.11 at 152.59.
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