GBP/JPY Daily Outlook
Daily Pivots: (S1) 154.71; (P) 155.57 (R1) 156.89;
GBP/JPY's breach of 156.64 minor resistance suggests that down trend is not ready to resume yet and the consolidation from 151.64 might extend. Intraday bias is mildly on the upside for further rebound. But upside should be limited below 162.80. Below 153.64 will target 151.64. Break of 151.64 will target next long term fibonacci level at 147.01.
In the bigger picture, fall from 195.86 medium term is viewed as a corrective move. There is no confirmation of completion yet and GBP/JPY might still target 61.8% retracement of 116.83 to 195.86 at 147.01. We'll start to look for reversal signal below there. However, break of 164.09 will suggests that decline is finished and open up the case for rebound to 61.8% retracement of 195.86 to 151.64 at 178.96 and above.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 122.13; (P) 122.91; (R1) 124.08;
EUR/JPY once again rebounded and bias stays neutral for the moment. Overall, near term outlook stays bearish as long as 126.46 resistance holds. Medium term down trend is still expected to continue to next projection level at 117.37. Meanwhile, firm break of 126.46 will be a strong indication of trend reversal.
In the bigger picture, medium term correction from 149.76 is still in progress and would extend to 100% projection of 149.76 to 126.09 from 141.04 at 117.37. We'll look for bottoming signal around 61.8% retracement of 94.11 to 149.76 at 115.36. Break of 126.46 resistance, however, will suggest that the correct has completed earlier than we thought and turn outlook bullish.
