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 : March 16, 2016

Published 03/16/2016, 07:57 AM
Updated 03/09/2019, 08:30 AM

GBP/JPY Daily Outlook

Daily Pivots: (S1) 158.81; (P) 160.84; (R1) 162.16;

Intraday bias in GBP/JPY remains neutral for the moment. Overall outlook is unchanged that rebound from 154.70 is viewed as a correction. In case of another rise, we'd expect strong resistance above 61.8% retracement of 175.01 to 154.70 at 167.25 to limit upside and bring down trend resumption. On the downside, below 159.46 minor support will turn bias back to the downside for 154.70. Break will extend the larger down trend.

In the bigger picture, a medium term top was formed at 195.86 on bearish divergence condition in weekly MACD. Fall from 195.86 is currently viewed as a correction and would likely extend to 61.8% retracement of 116.83 to 195.86 at 147.01 before completion. On the upside, break of 175.01 resistance is needed to indicate completion of fall from 195.86. Otherwise, outlook will remain bearish in case of rebound.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

EUR/JPY Daily Outlook

Daily Pivots: (S1) 124.98; (P) 125.82; (R1) 126.55;

Intraday bias in EUR/JPY remains neutral for the moment. Outlook is unchanged that rebound from 122.06 is viewed as a corrective move. In case of another rise, wed expect strong resistance above 61.8% retracement of 132.36 to 122.06 at 128.42 to complete it and bring down trend resumption. Meanwhile, below 124.89 minor support will turn bias back to the downside for 122.06 low instead.

In the bigger picture, medium term correction from 149.76 is still in progress and would extend to 100% projection of 149.76 to 126.09 from 141.04 at 117.37. We'll look form bottoming signal around 61.8% retracement of 94.11 to 149.76 at 115.36. Break of 132.36 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bearish in case of rebound.

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.