GBP/JPY Daily Outlook
Daily Pivots: (S1) 154.15; (P) 155.40; (R1) 156.29;
Intraday bias in GBP/JPY remains on the downside. Down trend fro 195.86 should target next long term fibonacci level at 147.01. On the upside, above 154.51 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited by 158.42 support turned resistance and bring fall resumption.
In the bigger picture, fall from 195.86 medium term is viewed as a corrective move and should target 61.8% retracement of 116.83 to 195.86 at 147.01 before completion. On the upside, break of 164.09 resistance is needed to indicate completion of fall from 195.86. Otherwise, outlook will remain bearish in case of rebound.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 121.99; (P) 123.64; (R1) 124.76;
A temporary low is in place at 122.53 and intraday bias is turned neutral first. We're favoring the case that corrective rise from 122.06 is finished at 128.21 and deeper fall is expected. Break of 122.06 will confirm this bearish case and resume larger fall from 149.79 to next projection level at 117.37. Break of 124.66 will extend the consolidation from 122.06 with another rise. In that case, we'd expect strong resistance from 61.8% retracement of 132.36 to 122.06 at 128.42 to limit upside and bring down trend resumption eventually.
In the bigger picture, medium term correction from 149.76 is still in progress and would extend to 100% projection of 149.76 to 126.09 from 141.04 at 117.37. We'll look for bottoming signal around 61.8% retracement of 94.11 to 149.76 at 115.36. Break of 132.36 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bearish in case of rebound.
