EUR/JPY Daily Outlook
Daily Pivots: (S1) 128.18; (P) 128.73; (R1) 129.04;
Intraday bias in EUR/JPY remains neutral at this point and more sideway trading could be seen. While another rise cannot be ruled out, near term outlook will remain bearish as long as 130.14 resistance holds. On the downside, break of 127.83 minor support should resume the fall fro 130.14 and target 126.63 low. Break will extend the decline from 133.12 to 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.
GBP/JPY Daily Outlook
Daily Pivots: (S1) 144.45; (P) 144.87; (R1) 145.12;
Intraday bias remains neutral and near term outlook stays bearish in GBP/JPY with 145.99 resistance intact. On the downside, break of 144.02 will resume the fall from 149.48 and target 139.39/47 key support zone. On the upside, above 145.99 support turned resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.
In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.
