EUR/JPY Daily Outlook
Daily Pivots: (S1) 128.02; (P) 128.62; (R1) 129.12;
Outlook in EUR/JPY remains unchanged for the moment. Another decline is expected to 126.63 support. Break there will resume whole fall from 133.12 and target 124.61/89 support zone. On the upside, break of 130.14 resistance is now needed to confirm rise resumption. Otherwise, near term outlook will stay cautiously bearish in case of recovery.
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) 146.46; (P) 147.45; (R1) 148.57;
Intraday bias in GBP/JPY remains neutral as range trading continues. On the downside, break of 145.99 should confirm completion of rebound from 142.76. And in that case, deeper fall should be seen back to 142.76 and possibly below. On the upside, decisive break of 149.70 will resume whole rise from 139.88 and target 153.84/156.59 resistance zone.
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.
