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: GPB/JPY And EUR/JPY : June 27, 2016

Published 06/27/2016, 05:08 AM
Updated 03/09/2019, 08:30 AM

GBP/JPY Daily Outlook

Daily Pivots: (S1) 128.47; (P) 144.28; (R1) 155.39;

Intraday bias in GBP/JPY remains on the downside for the moment. Current down trend form 195.86 should target next projection level at 122.71. On the upside, above 140.17 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited well below 160.08 resistance and bring fall resumption.

In the bigger picture, fall from 195.86 medium term top is still in progress and met 61.8% projection of 195.86 to 154.70 from 163.87 at 138.43 already. There is no indication of bottoming yet. Current acceleration suggests that deeper decline would be seen to 100% projection at 122.71, with prospect of retesting 116.83 (2011 low). On the upside, break of 154.70 support turned resistance is needed to be the first sign medium term bottoming. Otherwise, outlook will remain bearish in case of recovery.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

EUR/JPY Daily Outlook

Daily Pivots: (S1) 108.01; (P) 114.98; (R1) 120.45;

Intraday bias in EUR/JPY stays on the downside for next long term fibonacci level at 107.24. Sustained break there will put focus to 100 round number. On the upside, above 115.49 minor resistance will turn bias neutral and bring consolidations first. But outlook will remain bearish as long as 121.93 resistance holds.

In the bigger picture, medium term down trend form 149.76 is still in progress. 61.8% retracement of 94.11 to 149.76 at 115.36 was taken out but there is no sign of bottoming yet. Further downside acceleration would send the cross to 76.4% retracement at 107.24. Sustained break there will bring retest of 94.11 low. In any case, break of 121.93 resistance is needed to be the first signal of reversal. Otherwise, outlook will stay bearish in case of recovery.

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.