GBP/JPY Daily Outlook
Daily Pivots: (S1) 157.83; (P) 158.33; (R1) 159.16;
Intraday bias in the GBP/JPY remains neutral for the moment. Above 159.52 will extend the larger rally. But in that case, we'd expect strong resistance below 163.05 resistance to bring larger reversal eventually. Below 156.63 will turn bias to the downside for 154.72 support. Break should affirm medium term topping and turn outlook bearish for 147.61 support first.
In the bigger picture, considering bearish divergence condition in daily MACD, the up trend from 116.83 might be close to completion. Break of 147.61 will confirm medium term topping and bring correction back to 140.37 support and below. In case of another rise, we'd now expect strong resistance from 163.05 to limit upside.
GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="600" height="600">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 131.61; (P) 132.08; (R1) 132.85;
Focus in the EUR/JPY remains on 131.13 support. Decisive break there will confirm medium term topping at 135.50 and would turn outlook bearish for 124.95 support. Meanwhile, break of 133.72 will delay the bearish view and would probably bring stronger rebound first.
In the bigger picture, the EUR/JPY is expected to top out in medium term soon, if not topped, on lost of upside momentum as seen in daily and weekly MACD. Strong resistance is expected from 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98 to complete the rally from 94.11. Break of 131.13 would confirm and would bring correction back towards 119.10 support.
EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="600" height="600">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600">