GBP/JPY Daily Outlook
Daily Pivots: (S1) 145.90; (P) 146.28; (R1) 146.92;
GBP/JPY's rally continues today and reaches as high as 147.27 so far. Intraday bias remains on the upside. Rise from 122.36 should be resuming. Further rally should be seen through 148.20 to 150.42 fibonacci level.. Further break there will target 100% projection of 122.36 to 148.42 from 135.58 at 161.64. On the downside, below 145.64 minor support will turn bias neutral and bring consolidation before staging another rise.
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) 122.95; (P) 123.72; (R1) 124.45;
EUR/JPY is staying above 122.92 minor support and recovered. Further rise is still expected in the cross. Firm break of 124.08 resistance will confirm resumption of whole rise from 109.20. In that case, EUR/JPY would target 126.09 resistance first. Break there will pave the way to 100% projection of 109.03 to 124.08 from 114.84 at 129.89. On the downside, below 122.92 minor support will turn bias to the downside and bring pull back.
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.
