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

GPB/JPY And EUR/JPY Currency Outlook: September 29, 2014

Published 09/29/2014, 05:58 AM
Updated 03/09/2019, 08:30 AM

GBP/JPY

Daily Pivots: (S1) 177.04; (P) 177.57; (R1) 178.01; 

Intraday bias in GBP/JPY remains neutral as consolidation from 180.70 continues. Downside of consolidation would be contained by 38.2% retracement of 169.34 to 180.70 at 176.36 and bring another rise. Above 180.70 will target next long term fibonacci level at 183.96. Though, firm break of 176.36 will target 61.8% retracement 173.67 and below.

In the bigger picture, the strong break of 175.36 confirmed larger up trend from 116.83 low has resumed. Current rise would now extend to 50% retracement retracement of 251.09 to 116.83 at 183.96. Current acceleration suggests that such fibonacci level would be taken out and GBP/JPY would target 61.8% retracement at 199.80. Meanwhile, outlook will stay bullish as long as 169.34 support holds, in case of deep pull back.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

EUR/JPY

Daily Pivots: (S1) 138.29; (P) 138.68; (R1) 138.99;

As noted before, EUR/JPY's actions from 145.68 are probably developing into a triangle pattern with fall from 141.21 as the last wave. Deeper decline is mildly in favor to 135.72. But we'd expect strong support above 135.50 key level to bring reversal. On the upside, above 139.68 minor resistance will turn bias back to the upside for retreating 141.21 resistance. Break of 141.21 will target 143.78/145.68 resistance zone.

In the bigger picture, the strong rebound from 55 weeks EMA, with 135.50 support intact, suggests that the up trend from 94.11 long term bottom is still in progress. Break of 145.68 will target 76.4% retracement of 169.96 to 94.11 at 152.59. On the downside, again, sustained break of 135.50 key support level will confirm medium term reversal and would target 124.95 support and below.

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.