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Daily Currency Outlook:GBP/JPY, EUR/JPY Remaining Neutral – May 17, 2013

GBP/JPY Daily OutlookDaily Pivots: (S1) 155.47; (P) 155.98; (R1) 156.61; Intraday bias in the GBP/JPY remains neutral for the moment; some consolidations can be seen below the 156.77 temporary top. A further rise is still expected as long as the 153.26 minor support holds. The current rally is still in progress. It should target a 100% projection of 125.67 to 147.97 from 140.37 at 162.67, which is close to 163.05 key resistance. On the downside, though, a break of 153.26 will indicate short term topping and bring deeper pull back.The medium term rise from 116.83 is still in progress. Whether this type of rally is impulsive or corrective in nature, it’s at least a move at the same degree as a fall from 163.05. We expect the current rise to extend to 163.05 resistance and above. We’ll stay bullish as long as 146.42 support holds.

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GBP/JPY” title=”GBP/JPY” width=”600″ height=”600″ />EUR/JPY Daily OutlookDaily Pivots: (S1) 131.27; (P) 131.73; (R1) 132.18; Intraday bias in EUR/JPY remains neutral; more consolidations would be seen below the 132.76 temporary top. The downside retreat should be contained above 127.05 support, and bring another rise. Above 132.76 will extend the larger uptrend to 61.8% projection of 100.32 to 127.70 from 119.10 at 136.02 next.The whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in the weekly MACD. The rise from there has met the mentioned 50% retracement of 169.96 to 94.11 at 132.03 alread,y and there is no clear sign of reversal so far. Such a rally should now extend through 139.21 resistance to 61.8% retracement at 140.98. A break of 124.84 support is needed to be the first sign of medium term topping. Outlook will stay bullish.

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Daily Currency Outlook: Upside Intraday Bias In GPB/JPY, EUR/JPY

GBP/JPY Daily OutlookDaily Pivots: (S1) 155.39; (P) 156.03; (R1) 156.76;Intraday bias in GBP/JPY remains upside for the moment. Current rally is still in progress and should target 100% projection of 125.67 to 147.97 from 140.37 at 162.67, which is close to 163.05 key resistance. On the downside, a break of 153.26 minor support is needed to signal short term topping. Otherwise, outlook remains bullish even in the event of retreat.In the bigger picture, the medium term rise from 116.83 is still in progress. As noted before, whether such a rally is impulsive or corrective by nature, it’s at least a move at the same degree as fall from 163.05. We’d expect current rise to extend to 163.05 resistance and above. We’ll stay bullish as long as 146.42 support holds.

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GBP/JPY” title=”GBP/JPY” width=”600″ height=”600″ />EUR/JPY Daily OutlookDaily Pivots: (S1) 131.28; (P) 131.76; (R1) 132.47;The EUR/JPY edged higher to 132.39 today, and intraday bias remains on the upside. The larger uptrend from 94.11 is still in progress and should target 61.8% projection of 100.32 to 127.70 from 119.10 at 136.02 next. On the downside, below 130.41 minor support will turn bias neutral and bring consolidations. However, near term outlook will stay bullish as long as 127.05 support holds.Whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. The rise from there has already met the mentioned 50% retracement of 169.96 to 94.11 at 132.03, and there is no clear sign of reversal so far. Such a rally should now extend through 139.21 resistance to 61.8% retracement at 140.98. Break of 124.84 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.

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Daily Currency Outlook: GBP/JPY Neutral, EUR/JPY Up To 133.12

GBP/JPY Daily OutlookDaily Pivots: (S1) 154.75; (P) 155.64; (R1) 156.16;Intraday bias in the GBP/JPY remains neutral for now as the consolidation from 156.77 continues. Another retreat could be seen, but downside should be contained by 153.26 support and bring rise resumption. Above 156.77 will target 100% projection of 125.67 to 147.97 from 140.37 at 162.67, which is close to 163.05 key resistance. On the downside, though, a break of 153.26 will indicate short term topping and bring deeper pull back.The medium term rise from 116.83 is still in progress. As noted before, whether such a rally is impulsive or corrective in nature, it’s at least a move at the same degree as a fall from 163.05. We expect the current rise to extend to 163.05 resistance and above. We’ll stay bullish as long as the 146.42 support holds.

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GBP/JPY” title=”GBP/JPY” width=”600″ height=”600″ />EUR/JPY Daily OutlookDaily Pivots: (S1) 131.81; (P) 132.11; (R1) 132.54;The EUR/JPY has risen as high as 133.12 today, and the break of 132.76 confirms rise resumption. Intraday bias is back on the upside, and the current rally should extend towards 61.8% projection of 100.32 to 127.70, from 119.10 at 136.02 next. On the downside, a break of 131.00 is needed to signal short term topping. Otherwise, outlook will stay bullish.Whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. The rise from there has already met mentioned 50% retracement of 169.96 to 94.11, at 132.03 and there is no clear sign of reversal so far. Such a rally should now extend through 139.21 resistance to 61.8% retracement at 140.98. A break of 127.05 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.

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Daily Currency Outlook: GPB/JPY And EUR/JPY: June 6, 2013

GBP/JPY Daily OutlookDaily Pivots: (S1) 152.06; (P) 152.90; (R1) 153.42;The GBP/JPY continues to stay in choppy sideways trading in tight range, and outlook is unchanged. Consolidation from 156.77 might continue and below 151.77 will extend the pullback lower. In that case, downside should be contained by 146.42 cluster support (61.8% retracement of 140.37 to 156.77 at 146.63) and bring another rally. The larger rise is in favor to continue through to 156.77.In the bigger picture, the medium term rise from 116.83 is still in progress. As noted before, whether such a rally is impulsive or corrective by nature, it’s at least a move at the same degree as fall from 163.05. We expect the current rise to extend to 163.05 resistance and above. However, considering the bearish pergence condition in the daily MACD, a break of 146.42 will indicate medium term topping and should bring deeper fallback to 140.37 and below.

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EUR/JPY Daily OutlookDaily Pivots: (S1) 129.04; (P) 130.22; (R1) 130.85;With 132.07 minor resistance intact, a corrective fall from 133.80 is still in favor to continue lower to 127.05 support and possibly below. This type of decline is viewed as a correction, and should be contained by 124.84 cluster support (61.8% retracement of 119.10 to 133.80 at 124.75) and bring another rally. Above 132.07 will turn bias back to the upside, and extend the larger rally towards 61.8% projection of 100.32 to 127.70 from 119.10 at 136.02The up trend from 94.11 long term bottom is starting to lose momentum, with bearish pergence condition seen in the daily MACD. While further rise is still in favor for the moment, we’d probably see strong resistance between projection level at 136.02 and 61.8% retracement of 169.96 to 94.11, at 140.98 to limit upside and bring a sizeable consolidation/correction. A break of 124.84 will confirm medium term topping and target 119.10 and below. Nonetheless, considering the five wave structure of the rise from 94.11, we expect another medium term rally after completing the anticipated correction.

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Daily Currency Outlook: GPB/JPY, EUR/JPY

GBP/JPY Daily OutlookDaily Pivots: (S1) 149.88; (P) 150.66; (R1) 151.67;Intraday bias in GBP/JPY remains neutral for the moment. On the upside, above 151.92 will target 154.22 resistance first. Break will confirm that correction from 156.77 has finished at 147.10 already. In such case, stronger rise should be seen to retest 156.77. On the downside, below 148.85 will bring another fall to below 147.10 to extend the correction instead.In the bigger picture, a medium term top is in place at 156.77 on bearish pergence condition in daily MACD. Deeper pull back could be seen to 38.2% retracement of 118.82 to 156.77 at 142.27. Strong support would likely be seen at 140.37 to bring rebound, at least on first attempt. Overall, we’d still expect whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above after completing the correction.

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GBP/JPY” width=”600″ height=”600″ />EUR/JPY Daily OutlookDaily Pivots: (S1) 127.30; (P) 127.98; (R1) 128.68;Intraday bias in EUR/JPY remains neural for the moment. On the upside, above 129.90 will target 131.29 resistance. Break will confirm that correction from 133.80 has completed at 124.95 already. In such case, stronger rally should be seen to retest 133.80. On the downside, below 127.01 will extend the correction to another low below 124.95 instead.In the bigger picture, current development argues that the medium term up trend from 94.11 has topped out at 133.80 on bearish pergence condition in daily MACD. Such correction could extend with another fall to target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63). Strong support would be seen there, at least on initial attempt. But, break will target 61.8% retracement at 109.27. Nonetheless, considering the five wave structure of the rise from 94.11, we’d expect another medium term rally after completing the correction.

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Daily Currency Outlook: GPB/JPY And EUR/JPY: June 17, 2013

GBP/JPY Daily OutlookDaily Pivots: (S1) 146.64; (P) 148.59; (R1) 149.78;With the 150.56 minor resistance intact, the correction from 156.77 is expected to continue lower. A break of 146.42 will confirm that the whole rally from 118..82 has topped out at 156.77. Should this occur, a deeper fall should be seen to 142.27 fibo level. On the upside, above 150.56 minor resistance will turn bias neutral first. Risk will stay on the downside as long as 154.22 resistance holds.The current development argues that a medium term top is in place at 156.77 on bearish pergence condition in the daily MACD. A deeper pull back could be seen to 38.2% retracement of 118.82 to 156.77, at 142.27. Strong support would likely be seen at 140.37 to bring rebound, at least on the first attempt. We still expect whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above after completing the correction.

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GBP/JPY” width=”600″ height=”600″ />EUR/JPY Daily OutlookDaily Pivots: (S1) 124.48; (P) 126.29; (R1) 127.41;With 128.11 minor resistance intact, deeper decline is still expected to the 124.84 support. A break will confirm that larger up trend has already topped out at 133.80, and should target 119.10 cluster support. On the upside, above 128.11 minor resistance will turn bias neutral first. Risk will stay on the downside as long as the 131.29 resistance holds.The current development argues that the medium term up trend from 94.11 has topped out at 133.80 on bearish pergence condition in daily MACD. Such a correction could target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63) first. Strong support would be seen at the initial attempt. A break will target 61.8% retracement at 109.27. Considering the five wave structure of the rise from 94.11, we expect another medium term rally after completing the anticipated correction.

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Currency Outlook, GPB/JPY, EUR/JPY: July 02, 2013

GBP/JPY Daily OutlookDaily Pivots: (S1) 150.95; (P) 151.50; (R1) 152.19;The break of 151.92 resistance indicates resumption of rebound from 147.10. Also the development affirm that correction from 156.77 has completed at 147.10. Intraday bias is back on the upside and further rise should be seen to 154.22 resistance. Break will target a retest of 156.77 high. On the downside, below 149.24 will turn bias back to the downside for 147.10 and below.In the bigger picture, a medium term top is in place at 156.77 on bearish pergence condition in daily MACD. Deeper pull back could be seen to 38.2% retracement of 118.82 to 156.77 at 142.27. Strong support would likely be seen at 140.37 to bring rebound, at least on first attempt. Overall, we’d still expect whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above after completing the correction.

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GBP/JPY” width=”600″ height=”600″ />EUR/JPY Daily OutlookDaily Pivots: (S1) 129.41; (P) 129.82; (R1) 130.59;EUR/JPY‘s rally and break of 129.90 indicates resumption of rebound from 124.95. Also, the development affirmed the case that correction from 133.80 has completed. Intraday bias remains on the upside for 131.29 resistance and then a retest on 133.80. On the downside, though, below 128.93 minor support will turn bias back to the downside for 126.57 support instead.In the bigger picture, current development argues that the medium term up trend from 94.11 has topped out at 133.80 on bearish pergence condition in daily MACD. Such correction could extend with another fall to target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63). Strong support would be seen there, at least on initial attempt. But, break will target 61.8% retracement at 109.27. Nonetheless, considering the five wave structure of the rise from 94.11, we’d expect another medium term rally after completing the correction.

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Daily Currency Outlook: GPB/JPY, EUR/JPY: July 09, 2013

GBP/JPY Daily OutlookDaily Pivots: (S1) 150.39; (P) 150.76; (R1) 151.32;There is no change in the GBP/JPY‘s outlook. We support the case that rebound from 147.10 is complete, and that it was only a corrective move. A fall from 153.01 is possibly the third leg of the correction from 156.77. A break of 149.24 should confirm this bearish case. In such a case, further fall should be seen through 147.10 and target 38.2% retracement of 118.82 to 156.77 at 142.27. On the upside, above 153.01 will bring stronger rebound towards 156.77 instead.A medium term top is in place at 156.77 on bearish pergence condition in daily MACD. Deeper pull back could be seen to 38.2% retracement of 118.82 to 156.77 at 142.27. Strong support would likely be seen at 140.37 to bring rebound, at least on first attempt. We still expect whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above after completing the correction.

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GBP/JPY” width=”600″ height=”600″ />EUR/JPY Daily OutlookDaily Pivots: (S1) 129.49; (P) 129.84; (R1) 130.28;There is no change in the EUR/JPY‘s outlook either. We slightly favor the case that 124.95 is finished and was a corrective move. A fall from 131.11 is possibly the third leg of the correction from 133.80. Another fall is expected to 126.57. A break will confirm this case, and should target 124.95 and below. On the upside, above 131.11 will bring stronger rise back towards 133.80 instead.The current development argues that the medium term up trend from 94.11 has topped out at 133.80 on bearish pergence condition in daily MACD. Correction from there could extend with another fall to target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63). Strong support can be seen there, at least on initial attempt. A break will target 61.8% retracement at 109.27. Nonetheless, considering the five wave structure of the rise from 94.11, we can expect another medium term rally after completing the correction.

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GPB/JPY And EUR/JPY Daily Outlook: August 20, 2013

GBP/JPYDaily Pivots: (S1) 152.05; (P) 152.80; (R1) 153.42;With 151.19 minor support intact, further rise could be seen as consolidation from 147.10 continues. But, the pattern from 147.10 is viewed as the second leg of the correction from 156.77 high. Strong resistance should be seen below 156.77 to bring reversal to start the third leg. Below 151.19 minor support will turn bias back to the downside for 147.10/61 support zone first.In the bigger picture, a medium term top is in place at 156.77 on bearish pergence condition in daily MACD. Deeper pull back could be seen to 38.2% retracement of 118.82 to 156.77 at 142.27. Strong support would likely be seen at 140.37 to bring a rebound, at least on first attempt. Overall, we’d still expect a rise from the 116.83 medium term bottom to resume later to a 163.05 resistance,and above after completing the correction.

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GBP/JPY” width=”600″ height=”600″ />EUR/JPY Daily Pivots: (S1) 129.62; (P) 130.32; (R1) 130.80;Despite edging higher to 131.01, EUR/JPY lost momentum and retreated again. Intraday bias is neutral for the moment. Above 131.03 will bring another rise. Break of 131.96 should extend the choppy rebound from 124.95 to above 132.73. But we’d expect strong resistance below 133.80 to bring another fall to extend the consolidation from there. Meanwhile, below 129.41 minor support would bring deeper fall through 127.96 towards 124.95 support.In the bigger picture, current development argues that the medium term up trend, from 94.11, has topped out at 133.80 on bearish pergence conditions in daily MACD. Consolidation from there could extend with another fall to target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63). Strong support would be seen there, at least on initial attempt. But, break will target 61.8% retracement at 109.27. Nonetheless, considering the five wave structure of the rise from 94.11, we’d expect another medium term rally after completing the correction.

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Daily Currency Outlook: GPB/JPY And EUR/JPY: August 07, 2013

GBP/JPY Daily OutlookDaily Pivots: (S1) 149.44; (P) 150.43; (R1) 150.98;GBP/JPY drops sharply to as low as 148.79 so far today and focus is back on 148.24 support. Break will resume the decline from 154.04. More importantly, this will also indicate that whole decline from 156.77 is resumed. Further break of 147.10 will target 100% projection of 156.77 to 147.10 from 154.04 at 144.37. On the upside, above 150.23 minor resistance will extend the consolidation from 147.10 instead.In the bigger picture, a medium term top is in place at 156.77 on bearish pergence condition in daily MACD. Deeper pull back could be seen to 38.2% retracement of 118.82 to 156.77 at 142.27. Strong support would likely be seen at 140.37 to bring rebound, at least on first attempt. Overall, we’d still expect whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above after completing the correction.

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GBP/JPY” width=”600″ height=”600″ />EUR/JPY Daily OutlookDaily Pivots: (S1) 129.65; (P) 130.19; (R1) 130.58;EUR/JPY drops to as low as 129.13 so far today. The break of 129.32 suggests fall from 132.73 has resumed. Also it revives the case that corrective rebound from 124.95 has completed at 132.73 already. Intraday bias is back on the downside and deeper fall should be seen to 128.01 support first. Break will confirm this bearish case and target 124.95 support next. On the upside, above 130.72 minor resistance will turn bias back to the upside for 131.96 resistance.In the bigger picture, current development argues that the medium term up trend from 94.11 has topped out at 133.80 on bearish pergence condition in daily MACD. Consolidation from there could extend with another fall to target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63). Strong support would be seen there, at least on initial attempt. But, break will target 61.8% retracement at 109.27. Nonetheless, considering the five wave structure of the rise from 94.11, we’d expect another medium term rally after completing the correction.

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