GBP/JPY Daily Outlook
Daily Pivots: (S1) 168.34; (P) 169.43; (R1) 171.14;
The GBP/JPY recovers after hitting 167.67 and break of 170.00 minor resistance turns intraday bias neutral first. Some sideway trading might be seen. But near term outlook stays mildly bearish as long as 173.65 resistance holds. The correction from 174.84 could extend lower and below 167.76 will target 166.57 support and below.
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.
GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="474" height="242">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="474" height="242">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 139.34; (P) 140.02; (R1) 140.87;
The EUR/JPY recovers after hitting 139.15 and intraday bias is turned neutral first. Some consolidations could be seen above 139.15 temporary low. But near term outlook stays mildly bearish as long as 142.41 resistance holds. The correction of 145.68 is expected to extend lower and break of 139.15 will target 138.45 support and below.
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.
EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="474" height="242">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="474" height="242">