GBP/JPY Daily Outlook
Daily Pivots: (S1) 142.85; (P) 144.48; (R1) 145.34;
Intraday bias in GBP/JPY is turned neutral as it drew support from 38.2% retracement of 135.58 to 148.09 at 143.31 and recovers. Overall, we'd still expect the rise from 122.36 to resume after pull back from 148.09 completes. Above 145.78 minor resistance will turn bias to the upside for 148.09. Break there will target 150.42 long term fibonacci level. Nonetheless, break of 143.34 will extend the pull back to 61.8% retracement at 140.35.
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) 123.47; (R1) 124.40;
Intraday bias in EUR/JPY remains neutral for consolidation below 125.80 short term top. Deeper pull back could be seen. But downside should be contained by 38.2% retracement of 114.84 to 125.80 at 121.61 to bring rise resumption. We're staying mildly bullish in the cross. And, break of 126.09 key resistance will extend the whole rebound from 109.03 to 100% projection of 109.03 to 124.08 from 114.84 at 129.89.
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.
