Daily Currency Outlook: GPB/JPY And EUR/JPY : January 31,2018

GBP/JPY Daily Outlook

Daily Pivots: (S1) 152.55; (P) 153.31; (R1) 154.66;

GBP/JPY recovered strongly after hitting 151.95 and intraday bias is turned neutral first. But still, as 156.07 is seen as a short term top, another fall is expected ahead. Break of 151.95 will target 150.18 support first. Break will extend the decline to 149.96 key support level. Meanwhile, above 156.07 will resume larger up trend to 167.78 fibonacci level.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

EUR/JPY Daily Outlook

Daily Pivots: (S1) 134.28; (P) 134.74; (R1) 135.36;

Intraday bias in EUR/JPY remains neutral but outlook stays bullish with 133.03 support intact. Break of 136.63 will resume medium term up trend. However, on the downside, break of 133.03 will have 55 day EMA and medium term channel support firmly taken out. Also, considering bearish pergence condition in daily MACD too, that will suggest medium term reversal. Deeper fall should then be seen to 132.04 support for confirmation.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). It should be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to indicate medium term reversal. Otherwise, outlook will stay bullish in case of deep pull back.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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