GBP/JPY Daily Outlook
Daily Pivots: (S1) 137.51; (P) 138.47; (R1) 139.49;
The breach of 135.96 argues that rebound from 143.21 is completed. Intraday bias is mildly on the downside for 128.86 low. Break will extend the larger fall from 195.86 to 122.71 projection level. On the upside, above 139.90 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) 115.98; (P) 116.41; (R1) 117.01;
Break of 114.44 support affirms the case that 109.20 has completed at 118.45 already. Intraday bias is back on the downside for 109.20/110.81 support zone. Break will target next long term fibonacci level at 107.24. On the upside, above 116.85 minor resistance will extend the rebound from 109.20 instead.
In the bigger picture, medium term down trend form 149.76 is still in progress. Further downside acceleration would send the cross to 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.
