EUR/JPY Daily Outlook
Daily Pivots: (S1) 128.58; (P) 128.82; (R1) 129.18
Outlook in EUR/JPY remains unchanged and intraday bias stays neutral first. As long as 130.14 resistance holds, deeper decline is in favor in the cross. Below 127.49 will target 126.63 support first. Break there will resume whole fall from 133.12 and target 124.08/89 support zone. On the upside, however, break of 130.14 will resume the rebound from 126.63 towards 133.12 resistance.
In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.
EUR/USD Daily Outlook
Daily Pivots: (S1) 1.1411; (P) 1.1438; (R1) 1.1482;
At this point, EUR/USD is still limited below 1.1499 resistance. Near term outlook remains bearish for further decline. On the downside break of 1.1363 minor support will turn bias to the downside for retesting 1.1215 low first. However, on the upside, firm break of 1.1499 will indicate near term reversal and turn outlook bullish for 1.1814 resistance again.
In the bigger picture, down trend from 1.2555 medium term top has just resumed and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 resistance is now needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
