GBP/JPY Daily Outlook
Daily Pivots: (S1) 139.72; (P) 140.88; (R1) 141.58;
With 139.19 minor support intact, intraday bias in GBP/JPY remains on the upside for 144.77 resistance. Consolidation pattern from 148.42 should have completed three waves down to 135.58, after hitting 135.39 fibonacci level. Break of 144.77 should extend whole rise from 122.36 through 148.42. On the downside, break of 139.19 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. As long as 50% retracement of 122.36 to 148.42 at 135.39 holds, another rising leg would be seen to 38.2% retracement of 195.86 to 122.36 at 150.42 and possibly above. However, firm break of 135.39 will bring retest of 122.36, with prospect of resuming the larger down trend from 195.86.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 116.52; (P) 116.91; (R1) 117.37;
Intraday bias in EUR/JPY remains on the upside for 122.88 resistance. As noted before, corrective fall from 124.08 has completed at 114.84 already. Break of 122.88 will likely extend the larger rise from 109.20 through 124.08 resistance to 126.09 key resistance level. On the downside, though, 117.81 minor support will turn focus back to 114.84 low instead.
In the bigger picture, price actions from 109.20 is still seen as a corrective move for the moment. But current development suggests that the first leg is finished at 109.20, second leg at 114.84. And rise from 114.84 is possibly developing into the third leg. Further rise will now be mildly in favor through 124.08 resistance. Strong break of 126.09 support turned resistance will confirm completion of whole fall from 149.76 at 109.20. In such case, rise from 109.20 is developing into a medium term move for 141.04 and above.
