GPB/JPY And EUR/JPY Currency Outlook: December 2, 2013
ActionForex | Dec 02, 2013 06:47AM ET
GBP/JPY Daily Outlook
Daily Pivots: (S1) 167.03; (P) 167.46; (R1) 168.08;
The GBP/JPY's rally continues today and reaches as high as 168.53 so far. Intraday bias remains on the upside for 100% projection of 147.61 to 159.98 from 156.63 at 169.00 next. Break will target 170 psychological level. On the downside, below 165.96 will be an early sign of near term topping and will turn bias back to the downside for pull back.
In the bigger picture, there is no clear sign of topping and indeed, the cross might be building upside momentum again. We'd be cautious on resistance from around 38.2% retracement of 251.09 to 116.83 at 168.11 to bring medium term topping. But, a sustained break there will pave the way to 50% retracement at 183.96 and above.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 138.87; (P) 139.28; (R1) 139.61;
With 137.98 minor support intact, further rally is expected in the EUR/JPY. But again, we'd be very cautious on strong resistance from long term fibonacci level at 140.98 to bring reversal. Break of 137.98 support will be the first sign of reversal and turn bias to the downside for 135.50 resistance turned support.
In the bigger picture, at this point, we'd still expect strong resistance between 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98 to complete the rally from 94.11 and form a medium term top. Break of 135.50 support will bring correction back to 124.95 and below. Though, the uptrend from 94.11 should resume after completing the anticipated correction. However, a sustained break of 140.98 will target 76.4% retracement at 152.59.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.