GBP/JPY Daily Outlook
Daily Pivots: (S1) 168.22; (P) 169.83; (R1) 170.99
The GBP/JPY's recovery from 167.76 has possibly finished at 171.45 after hitting 4 hours 55 EMA and drops sharply from there. Intraday bias is mildly on the downside for 167.76. 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.
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) 138.75; (P) 140.00; (R1) 140.95
Breach of 139.15 indices that decline from 145.68 has resumed. Intraday bias is back on the downside and deeper fall should be seen to 138.45 support and below. On the upside, break of 141.25 will argue that the fall from 145.68 has completed and will turn bias back to the upside for 142.41 resistance first.
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">