EUR/JPY Daily Outlook
Daily Pivots: (S1) 127.29; (P) 127.76; (R1) 128.29;
Intraday bias in EUR/JPY stays neutral at this point. Near term outlook also remain bearish with 128.44 minor resistance intact. ON the downside, break of 126.63 will extend the fall from 133.12 and target 124.89 low. Nonetheless, break of 1.2844 will indicate short term bottoming and turn bias back to the upside for 130.20 resistance and above.
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) 143.26; (P) 143.83; (R1) 144.33;
Intraday bias in GBP/JPY remains neutral for consolidation above 142.76 temporary low. Near term outlook remains cautiously bearish as long as 146.50 minor resistance holds. Break of 142.76 will extend the fall from 149.70 for retesting 139.88 low.
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.
