Daily Currency Outlook: Upside Intraday Bias In GPB/JPY, EUR/JPY

Daily Pivots: (S1) 155.39; (P) 156.03; (R1) 156.76;

Intraday bias in GBP/JPY remains upside for the moment. Current rally is still in progress and should target 100% projection of 125.67 to 147.97 from 140.37 at 162.67, which is close to 163.05 key resistance. On the downside, a break of 153.26 minor support is needed to signal short term topping. Otherwise, outlook remains bullish even in the event of retreat.

In the bigger picture, the medium term rise from 116.83 is still in progress. As noted before, whether such a rally is impulsive or corrective by nature, it's at least a move at the same degree as fall from 163.05. We'd expect current rise to extend to 163.05 resistance and above. We'll stay bullish as long as 146.42 support holds.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 131.28; (P) 131.76; (R1) 132.47;

The EUR/JPY edged higher to 132.39 today, and intraday bias remains on the upside. The larger uptrend from 94.11 is still in progress and should target 61.8% projection of 100.32 to 127.70 from 119.10 at 136.02 next. On the downside, below 130.41 minor support will turn bias neutral and bring consolidations. However, near term outlook will stay bullish as long as 127.05 support holds.

Whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. The rise from there has already met the mentioned 50% retracement of 169.96 to 94.11 at 132.03, and there is no clear sign of reversal so far. Such a rally should now extend through 139.21 resistance to 61.8% retracement at 140.98. Break of 124.84 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.

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