EUR/JPY Daily Outlook
Daily Pivots: (S1) 127.87; (P) 128.32; (R1) 129.03;
Intraday bias in EUR/JPY remains on the upside for the moment. Rebound from 126.63 should target 130.20 resistance first. Break will pave the way for 133.12 high. On the downside, below 128.36 minor support will turn bias to the downside. Break of 126.63 will extend the fall from 133.12 to retest 124.89 low.
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) 144.76; (P) 145.75; (R1) 147.48;
Intraday bias in GBP/JPY remains on the upside. Current development suggests that pull back from 149.70 has completed. Further rise should be seen to retest 149.70 first. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below below 145.43 minor support will turn bias back to the downside for 142.76 again.
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.
