GBP/JPY Daily Outlook
Daily Pivots: (S1) 168.22; (P) 169.83; (R1) 170.99;
Intraday bias in GBP/JPY remains mildly on the downside for 167.76 support. Break will resume the correction from 174.84 and would target 166.57 support and below. Meanwhile above 171.45 will turn focus back to 173.65/174.84 resistance zone instead.
In the bigger picture, the up trend from 116.83 is still in progress and there is no sign of reversal yet. Break of 159.98 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish. The up trend from 116.83 should target 50% retracement retracement of 251.09 to 116.83 at 183.96 and above after completing the consolidation from 174.84.
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EUR/JPY Daily Outlook
Daily Pivots: (S1) 138.75; (P) 139.35; (R1) 139.80;
EUR/JPY's decline continues today and reaches as low as 138.66 so far. Intraday bias remains on the downside for 138.45. Break will put 135.50 key support level in focus. At this point, there is no clear sign of trend reversal yet. But sustained trading below the 55 days EMA, or break of 135.50 will be an important sign of medium term topping at 145.68. On the upside, break of 142.41 resistance is needed to confirm completion of fall from 145.68. Otherwise, outlook will stay mildly bearish.
In the bigger picture, at this point, we're not seeing strong evidence of medium term trend reversal yet. And the up trend from 94.11 could still extend to 76.4% retracement of 169.96 to 94.11 at 152.59 and above. However, break of 135.50 will indicate medium term topping and we should then see a correction to the up trend from 94.11, which should target 124.95 support and below.
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