Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Daily Currency Outlook For GPB/JPY And EUR/JPY

Published 02/25/2015, 04:27 AM
Updated 03/09/2019, 08:30 AM

GBP/JPY Daily Outlook

Daily Pivots: (S1) 183.32; (P) 184.06; (R1) 184.60;

Intraday bias in GBP/JPY remains mildly on the upside. The rebound from 175.49 would possibly extend to 187.79/189.70 resistance zone. We'd expect strong resistance from there to bring reversal. Meanwhile, below 181.04 minor support will suggest that rise from 175.49 has completed and will turn bias back to the downside for this support.

In the bigger picture, the up trend from 116.83 is starting to lose medium term momentum again with bearish divergence condition seen in weekly MACD. Medium term top could be around the corner, if not formed. Break of 168.01 support will confirm this bearish case and bring deeper correction. Though, as long as 168.01 holds, the up trend could still extend to 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

EUR/JPY Daily Outlook

Daily Pivots: (S1) 134.41; (P) 135.02; (R1) 135.52;

Intraday bias in EUR/JPY remains neutral for the moment. Corrective rebound from 130.13 might extend higher. But we'd expect upside to be limited by 137.63 resistance and bring fall resumption. Below 132.53 minor support will turn bias to the downside for retesting 130.13 first. Break will extend recent down trend and target next medium term fibonacci level at 128.50.

In the bigger picture, the break of 134.13 support should confirm medium term topping at 149.76, on bearish divergence condition in weekly MACD. Deeper correction should now be seen to 38.2% retracement of 94.11 to 149.76 at 128.50 first. Based on current momentum, the correction could go deeper to 61.8% retracement at 115.36.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.