GBP/JPY Daily Outlook
Daily Pivots: (S1) 176.27; (P) 178.03; (R1) 181.41;
Intraday bias in GBP/JPY remains on the upside for 180.70 resistance. Break there will extend the larger up trend to next long term fibonacci level of 183.96. On the downside, break of 174.63 support is needed to indicate short term topping. Otherwise, outlook will stay bullish even in case of retreat.
In the bigger picture, the strong support form 55 week EMA argues that up trend form 116.83 is still in progress. Break of 50% retracement retracement of 251.09 to 116.83 at 183.96 will pave the way to 61.8% retracement at 199.80, which is close to 200 psychological level. On the downside, nonetheless, break of 168.01 should now confirm medium term reversal.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 138.63; (P) 139.70; (R1) 141.74;
Intraday bias in EUR/JPY remains on the upside for the moment. The breach of 141.21 resistance affirmed the view that consolidation pattern from 145.68 has completed at 134.13 already. Further rally should be seen to retest 145.68 resistance next. On the downside, below 139.97 minor support will turn bias neutral and bring consolidations first before staging another rally.
In the bigger picture, the failure to sustain below 55 weeks EMA and last week's strong rebound argues that up trend from 94.11long term bottom is still in progress. And, it's possibly ready to resume too. Break of 145.68 will target 76.4% retracement of 169.96 to 94.11 at 152.59 next. Nonetheless, break of 134.13 support will extend the corrective pattern from 145.68 lower to 38.2% retracement of 94.11 to 145.68 at 125.98.
