GBP/JPY Daily Outlook
Daily Pivots: (S1) 153.86; (P) 154.58; (R1) 155.09;
GBP/JPY dips sharply today but stays above 151.64 temporary low. Intraday bias remains neutral first. In case of another recovery, upside should be limited below 158.42 support turned resistance and bring fall resumption. Below 151.64 will extend larger fall from 195.86 and target next long term fibonacci level at 147.01.
In the bigger picture, fall from 195.86 medium term is viewed as a corrective move and should target 61.8% retracement of 116.83 to 195.86 at 147.01. We'll start to look for reversal signal below there. On the upside, break of 164.09 resistance is needed to indicate completion of fall from 195.86. Otherwise, outlook will remain bearish in case of rebound.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 122.33; (P) 122.94; (R1) 123.30;
EUR/JPY's sharp fall today and break of 122.06 low confirm resumption of recent down trend from 149.76. Intraday bias is back on the downside for next projection level at 117.37. On the upside, break of 124.22 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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 128.21 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bearish in case of rebound.
