GBP/JPY Daily Outlook
Daily Pivots: (S1) 133.88; (P) 134.72; (R1) 135.55;
Intraday bias in GBP/JPY remains on the downside for the momentum. Rebound from 128.86 has completed at 143.21 already and retest of this support should be seen. Break will extend the larger down trend from 195.86 to next projection level at 122.71. On the upside, above 138.40 minor resistance will turn bias back to the upside and extend the rebound from 128.86 instead.
In the bigger picture, fall from 195.86 medium term top is still in progress and would target 100% projection of 195.86 to 154.70 from 163.87 at 122.71. There is prospect of retesting 116.83 (2011 low). On the upside, break of 154.70 support turned resistance is needed to be the first sign medium term bottoming. Otherwise, outlook will remain bearish in case of recovery.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 112.55; (P) 113.68; (R1) 114.36;
Intraday bias in EUR/JPY remains on the downside for the moment. As noted before, rebound from 109.20 has completed at 118.45 already. The rejection from 55 days EMA maintains medium term bearishness. Deeper fall should be seen to 109.20/110.81 support zone. Break will target next long term fibonacci level at 107.24. On the upside, above 115.42 minor resistance will extend the rebound from 109.20 instead.
In the bigger picture, medium term down trend from 149.76 is still in progress and would target 76.4% retracement of 94.11 to 149.76 at 107.24. Sustained break there will bring retest of 94.11 low. In any case, break of 121.93 resistance is needed to be the first signal of reversal. Otherwise, outlook will stay bearish in case of recovery.
