GBP/JPY Daily Outlook
Daily Pivots: (S1) 144.72; (P) 145.22; (R1) 145.80;
No change in GBP/JPY's outlook. It continues to lose upside momentum as seen in 4 hour MACD. But there is no clear sign of topping yet. Sustained trading above 144.77 resistance will resume the whole rebound from 122.36 through 148.42 high to 150.42 fibonacci level. On the downside, though, break of 143.79 minor support will indicate short term topping and bring deeper pull back.
In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 122.85; (P) 123.25; (R1) 123.91;
EUR/JPY continues to lose upside moment ahead of 124.08. But there is no clear sign of topping yet. Intraday bias stays on the upside for 124.08 and break will confirm resumption of whole rise from 109.20. Further rally would then be seen to 126.09 key resistance. On the downside, below 122.30 minor support will turn bias neutral first and bring consolidation before staging another rally.
In the bigger picture, focus is back on 126.09 support turned resistance. Decisive break there will confirm completion of the down trend from 149.76. And in such case, rise from 109.20 is at the same degree and should target 141.04 resistance and above. Meanwhile, rejection from 126.09 and break of 114.84 will extend the fall from 149.76 through 109.20 low.
