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GPB/JPY And EUR/JPY Currency Outlook: January 17, 2014

ByActionForex
Published 01/17/2014, 04:54 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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GBP/JPY
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GBP/JPY Daily Outlook

Daily Pivots: (S1) 169.95; (P) 170.86; (R1) 171.54;

Intraday bias in the GBP/JPY remains neutral at this point. With 173.12 minor resistance intact, the correction from 174.84 is expected to extend lower. Below 168.34 will target 166.57 support and below. But break of 173.12 will indicate that such correction is completed already and bring retest of 174.84 high.

In the bigger picture, the up trend from 116.83 is still in progress and there is no sign of reversal yet. Break of 159.98 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish. The up trend from 116.83 should target 50% retracement retracement of 251.09 to 116.83 at 183.96 and above.
<span class=GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="600" height="600">
<span class=GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600">

EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.57; (P) 142.23; (R1) 142.77;

Intraday bias in the EUR/JPY remains neutral for the moment. With 143.17 minor resistance intact, the decline from 145.68 is still expected to extend lower. Below 140.49 will target 55 days EMA (now at 139.75) and below. Nonetheless, a break of 143.17 will argue that the correction form 145.68 has completed and bring retest of this high.

In the bigger picture, medium term up trend from 94.11 is still in progress and there is no clear sign of topping yet. Further rally is expected to 76.4% retracement of 169.96 to 94.11 at 152.59 and above. And, break of 135.50 resistance turned support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
<span class=EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="600" height="600">
<span class=EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="600" height="600">

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