GPB/JPY And EUR/JPY Both Remain Neutral For The Moment
ActionForex | Oct 20, 2014 03:15AM ET
Daily Pivots: (S1) 170.73; (P) 171.38; (R1) 172.59;
Intraday bias in GBP/JPY remains neutral for the moment. Prior break of 169.34 was taken as an indication of medium term topping at 180.70. Further fall is expected as long as 175.00 resistance holds. Below 168.01 will target 163.87 support next. Nonetheless, break of 175.00 will turn focus back to 180.70 high instead.
In the bigger picture, the break of 169.34 support indicates that the up trend from 116.83 low has made a medium term top at 180.70 already, on bearish divergence condition in daily and weekly MACD. Deeper correction should be seen to 38.2% retracement of 116.83 to 180.70 at 156.30 first. While we'd expect this up trend to resume later, there should be a lengthy medium term consolidation first.
Daily Pivots: (S1) 135.82; (P) 136.26; (R1) 136.78;
Intraday bias in EUR/JPY remains neutral for the moment. Prior break of 135.50 support was taken as an indication of medium term trend reversal. As long as 137.93 resistance holds, we'd expect further decline ahead. Below 134.13 will target 131.21 support next. However, break of 137.93 will dampen this bearish view and turn bias back to the upside for 141.21 resistance.
In the bigger picture, sustained break of 135.50 key support level will indicate that up trend from 94.11 long term bottom has made a medium term top. In the case, deeper correction should be seen to 38.2% retracement of 94.11 to 145.68 at 125.98. On the upside, above 141.21 resistance will extend the up trend to 76.4% retracement of 169.96 to 94.11 at 152.59 instead.
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