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

Daily FX: GPB/JPY And EUR/JPY : May 09, 2014

Published 05/09/2014, 04:59 AM
Updated 03/09/2019, 08:30 AM

GBP/JPY Daily Outlook

Daily Pivots: (S1) 171.69; (P) 172.27; (R1) 172.68;

Intraday bias in GBP/JPY remains neutral for the moment. The cross is still staying in medium term consolidation pattern from 174.84. Thus, in case of another rally, we'd expect strong resistance below 174.84 to limit upside to bring reversal and start another falling leg inside the pattern. Break of 171.25 support will turn near term outlook bearish for 169.50 support and below.

In the bigger picture, the up trend from 116.83 (2011 low) might still extend to above 174.84. Nonetheless, upside momentum is rather unconvincing as seen in weekly MACD. Thus, even in that case, we'd expect strong resistance from 50% retracement retracement of 251.09 to 116.83 at 183.96 to limit upside. Meanwhile, sustained break of 163.87 support should confirm medium term topping at 174.84 and bring deeper correction to 147.61/156.77 support zone next.

GBP/JPY H4

GBP/JPY Daily

EUR/JPY Daily Outlook

Daily Pivots: (S1) 140.02; (P) 141.19; (R1) 141.86;

Intraday bias in EUR/JPY remains neural as choppy sideway trading continues in range of 140.07/143.47. Price actions from 145.68 are viewed as forming a consolidation pattern with rise from 136.22 as the second leg. Break of 140.07 will revive that case that such second leg has completed. In such case, outlook will turn bearish as the third leg should have started for 136.22 support and below. Above 143.47 will extend the second leg but in that case, we'd expect strong resistance below 145.68 to limit upside and bring reversal.

In the bigger picture, loss of upside momentum was seen in bearish divergence condition in daily and weekly MACD. However, EUR/JPY is so far holding above 135.50 key support. Thus, there is no confirmation of trend reversal yet. Break of 145.68 will extend the up trend from 94.11 towards 76.4% retracement of 169.96 to 94.11 at 152.59 before topping. Meanwhile, break of 135.50 will confirm reversal and target 124.95 support.

EUR/JPY H4

EUR/JPY Daily

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.