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Daily Currency Outlook: EUR/JPY And GBP/JPY : July 06,2018

Published 07/06/2018, 06:38 AM
Updated 03/09/2019, 08:30 AM

EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.76; (P) 129.19; (R1) 129.82;

EUR/JPY is sting in range below 130.33 resistance and intraday bias remains neutral for the moment. On the upside, break of 130.33 will resume the rebound from 124.61. And by then, EUR/JPY should have also taken out near term falling channel decisively. That would be a strong sign of trend reversal. In that case, further rise should be seen to 133.47 resistance for confirmation. On the downside, break of 127.13 will bring retest of 124.61 low instead.

EUR/JPY 4 Hour Chart

In the bigger picture, for now, EUR/JPY is holding above 124.08 key resistance turned support. Fall from 137.49 could be proven to be a correction. Decisive break of 133.47 resistance will confirm its completion and should extend the rise from 109.03 (2016 low) through 137.49 high. However, firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below.

EUR/JPY Daily Chart

GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.80 (P) 146.34; (R1) 146.83;

GBP/JPY breached 146.63 minor resistance but there was no follow through buying. Momentum is also weak as seen in 4 hour MACD. Intraday bias stays neutral first. On the upside, firm break of 148.10 resistance will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

GBP/JPY 4 Hour Chart

In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

GBP/JPY Daily Chart

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