GBP/JPY Daily Outlook
Daily Pivots: (S1) 132.32; (P) 132.89; (R1) 133.36;
Intraday bias in GBP/JPY remains on the downside for 138.66/129.14 support zone. Decisive break there will resume larger down trend to next projection level at 122.71. On the upside, above 136.61 minor resistance will turn bias to the upside to extend the rise from 129.14 instead.
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) 113.47; (P) 113.87; (R1) 114.28;
EUR/JPY is staying in range of 112.31/116.36 and intraday bias remains neutral first. Price actions from 109.20 are viewed as a consolidation pattern. On the upside, above 116.36 will turn bias to the upside for 118.45 resistance. Meanwhile, break of 112.31 would pave the way for a test on 109.20 low.
In the bigger picture, there is no sign of trend reversal yet. The medium term fall from 149.76 is expected to continue and 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 first signal of reversal. Otherwise, outlook will stay bearish in case of rebound.
