GPB/JPY And EUR/JPY Currency Outlook: September 27, 2013
ActionForex | Sep 27, 2013 05:35AM ET
GBP/JPY Daily Outlook
Daily Pivots: (S1) 158.11; (P) 158.68; (R1) 159.35;
The GBP/JPY continues to stay in tight range below 159.98 temporary top and intraday bias remains neutral for the moment. Some more consolidative trading would be seen. But, in near term outlook stays bullish as long as 156.70 support holds and further rally is still expected. Above 159.98 will extend the larger rise to 163.05 key resistance level next.
In the bigger picture, the rally from 116.83 medium term bottom has just resumed and further rally should be seen back to 163.05 resistance. We'd be cautious on strong resistance from there to bring reversal. Though, break of 147.10 is needed to signal completion of the rise. Otherwise, outlook will stay bullish.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 132.96; (P) 133.44; (R1) 134.01;
Intraday bias in EUR/JPY remains neutral for some more consolidations below 139.94 temporary top. But near term outlook stays bullish as long as 131.86 support holds and another rally is still expected. Above 134.96 will extend the larger rise towards 140 psychological level next.
In the bigger picture, medium term up trend from 94.11 has just resumed by taking out 133.80 resistance. While upside momentum isn't too convincing yet, current rally would now target 61.8% retracement of 169.96 to 94.11 at 140.98. On the downside, a break of 124.95 is needed to confirm medium term topping. Otherwise, outlook will stay bullish.
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