GBP/JPY Daily Outlook
Daily Pivots: (S1) 133.69; (P) 134.28; (R1) 135.22;
Rise from 129.14 is still in progress and intraday bias stays on the upside for 55 days EMA (now at 137.94). Such rise is seen as the third leg of the consolidation pattern from 128.66. Upside should be limited below 143.21 resistance and bring down trend resumption eventually. Below 133.32 minor support will turn bias to the downside. Break of 128.66 will resume larger down trend from 195.86 and target next projection level at 122.71.
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 rebound.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 114.06; (P) 114.50; (R1) 115.14;
The break of 114.80 minor resistance suggests that pull back from 118.45 has completed at 112.31. And, the pattern from 109.20 is extending. Intraday bias is back on the upside for 118.45 resistance first. On the downside, however, below 113.84 minor support will turn bias to the downside and extend the fall from 118.45 to 109.20 low.
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 indicate trend reversal. Otherwise, outlook will stay bearish in case of rebound.
