GPB/JPY And EUR/JPY Currency Outlook: January 27, 2014
ActionForex | Jan 27, 2014 04:14AM ET
GBP/JPY Daily Outlook
Daily Pivots: (S1) 167.37; (P) 169.84; (R1) 171.12;
The GBP/JPY drops further to as low as 167.76 so far today and the break of 168.34 support confirms resumption of the correction from 174.84. Intraday bias remains on the downside and deeper fall should be seen to 166.57 support and below. On the upside break of 170.00 minor resistance will turn bias neutral and bring consolidations. But risk will stay on the downside as long as 173.65 resistance holds.
In the bigger picture, the up trend from 116.83 is still in progress and there is no sign of reversal yet. Break of 159.98 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish. The up trend from 116.83 should target 50% retracement retracement of 251.09 to 116.83 at 183.96 and above after completing the consolidation from 174.84.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 139.19; (P) 140.47; (R1) 141.20;
The EUR/JPY drops further to as low as 139.15 so far today and intraday bias remains on the downside. The correction from 145.68 should extend to 138.45 support and below. On the upside, break of 142.41 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay mildly bearish in near term.
In the bigger picture, at this point, we're not seeing strong evidence of medium term trend reversal yet. And the up trend from 94.11 could still extend to 76.4% retracement of 169.96 to 94.11 at 152.59 and above. However, break of 135.50 will indicate medium term topping and we should then see a correction to the up trend from 94.11, which should target 124.95 support and below.
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