GBP/JPY Daily Outlook
Daily Pivots: (S1) 161.45; (P) 162.12; (R1) 162.72;
GBP/JPY's sharp fall and break of 158.36 suggests that rebound from 151.64 is completed. With 164.09 resistance intact, the larger down trend from 195.86 might still extend lower. Intraday bias is back on the downside for retesting 151.64 low first. Break will 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. 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) 124.98; (P) 125.48; (R1) 126.27;
The sharp fall from 126.64 suggests that rebound from 121.70 has completed More importantly, with 128.21 resistance intact, larger down trend isn't completed yet. Intraday bias is back on the downside for retesting 121.70 first. Break will target next projection level at 117.37.
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, however, will suggest that the correct has completed earlier than we thought and turn outlook bullish.
