GBP/JPY Daily Outlook
Daily Pivots: (S1) 185.39; (P) 185.86; (R1) 186.68;
The breach of 186.12 suggest that recent rally in GBP/JPY is resuming and intraday bias is back on the upside. Momentum isn't too strong but we'd favor further rally to 190 psychological level. Nonetheless, below 183.96 will indicate short term topping and turn bias back to the downside for 181.09 support and below.
In the bigger picture, the up trend from 116.83 is still in progress for 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. On the downside, break of 168.01 support is needed to confirm medium term topping. Otherwise, outlook will stay bullish in case of pull back.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 146.94; (P) 147.46; (R1) 148.15;
The consolidation from 149.13 might extend lower. But in that case, downside should be contained by 142.08/144.21 support zone and bring rally resumption. Break of 149.13 will extend the larger up trend to next fibonacci level at 152.59.
In the bigger picture, the up trend from 94.11 long term bottom is still in progress for 76.4% retracement of 169.96 to 94.11 at 152.59 next. Break of 152.59 will target a test on 169.96 (2008 high). On the downside, break of 134.13 is needed to confirm medium term reversal. Otherwise, outlook will stay bullish.
