GBP/JPY Daily Outlook
Daily Pivots: (S1) 134.96; (P) 135.43; (R1) 136.30;
Rise from 129.14 continues and met 55 days EMA. Such rise is seen as the third leg of the consolidation pattern from 128.66. Intraday bias stays on the upside for 143.21 resistance. But we'd expect strong resistance from 143.21 to limit upside and bring bring down trend resumption eventually. Below 134.38 minor support will turn bias to the downside for retesting 128.66 first.
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 rebound.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 115.12; (P) 115.47; (R1) 115.91;
Intraday bias in EUR/JPY remains on the upside for the moment. Rise from 112.31 is seen as the third leg of the pattern from 109.20 and would target 118.45 resistance first. On the downside, however, below 114.68 minor support will turn bias to the downside for 112.31 support.
In the bigger picture, medium term down trend from 149.76 is still in progress and would target 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 indicate trend reversal. Otherwise, outlook will stay bearish in case of rebound.
