GBP/JPY Daily Outlook
Daily Pivots: (S1) 154.33; (P) 156.19; (R1) 157.14;
Intraday bias in GBP/JPY remains on the downside for 151.64 low. The larger decline from 195.86 could be resuming and break of 151.64 will target next long term fibonacci level at 147.01. On the upside, above 158.48 will turn bias neutral first. Overall, outlook will stays bearish as long as 164.09 resistance holds and downside breakout is still expected.
In the bigger pict
ure, fall from 195.86 medium term is viewed as a corrective move. There is no confirmation of completion yet and GBP/JPY might still target 61.8% retracement of 116.83 to 195.86 at 147.01. We'll start to look for reversal signal below there. However, break of 164.09 will suggests that decline is finished and open up the case for rebound to 61.8% retracement of 195.86 to 151.64 at 178.96 and above.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 121.26; (P) 122.10; (R1) 122.55;
Intraday bias in EUR/JPY remains on the downside for the moment. Firm break of 121.70 support will resume whole down trend from 149.76 and target next projection level at 117.37. On the upside, above 122.94 minor resistance will turn bias neutral and bring recovery. But outlook will remain bearish as long as 126.46 resistance holds.
In the bigger picture, medium term correction from 149.76 is still in progress and would extend to 100% projection of 149.76 to 126.09 from 141.04 at 117.37. We'll look for bottoming signal around 61.8% retracement of 94.11 to 149.76 at 115.36. Break of 126.46 resistance, however, will suggest that the correct has completed earlier than we thought and turn outlook bullish.
