Daily Currency Outlook: GPB/JPY On the Upside, Rebound For EUR/JPY?

Daily Pivots: (S1) 151.41; (P) 152.32; (R1) 153.16;

Intraday bias in GBP/JPY remains mildly on the upside for the moment. Rise from 147.61 is extending the consolidation pattern from 147.10 and would extend to 154.04 and above. But, we'd continue to expect strong resistance below 156.77 to bring reversal for another fall inside the pattern from 156.77. Below 150.66 minor support turn bias back to the downside for 147.61 support first.

In the bigger picture, a medium term top is in place at 156.77 on bearish divergence condition in daily MACD. Deeper pull back could be seen to 38.2% retracement of 118.82 to 156.77 at 142.27. Strong support would likely be seen at 140.37 to bring rebound, at least on first attempt. Overall, we'd still expect whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above after completing the correction.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.32; (P) 130.02; (R1) 130.63;

Further rise remains mildly in favor in EUR/JPY. As noted before, current development argues that pull back from 132.73 has completed at 127.96 already. Also, choppy rebound from 124.95 might be resuming. Intraday bias is cautiously on the upside for 131.96 resistance. Break will confirm this case and should target 132.73 and above. Meanwhile, below 127.96 will bring deeper fall towards 124.95.

In the bigger picture, current development argues that the medium term up trend from 94.11 has topped out at 133.80 on bearish divergence condition in daily MACD. Consolidation from there could extend with another fall to target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63). Strong support would be seen there, at least on initial attempt. But, break will target 61.8% retracement at 109.27. Nonetheless, considering the five wave structure of the rise from 94.11, we'd expect another medium term rally after completing the correction.
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