GBP/JPY Daily Outlook
Daily Pivots: (S1) 158.38; (P) 158.89; (R1) 159.82;
The GBP/JPY rises sharply to as high as 159.91 so far and the break of 159.52 suggests that larger up trend is resuming. Intraday bias is on the upside for 159.98 and above. Nonetheless, we'd continue to expect strong resistance below 163.05 resistance to bring larger reversal eventually. On the downside, break of 157.98 will now strongly suggest that the GBP/JPY has topped out in medium term and will turn focus to 156.63 for confirmation.
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) 133.36; (P) 133.66; (R1) 134.09;
Intraday bias in the EUR/JPY remains on the upside as rise from 131.21 is still in progress. Current development argues that larger rally isn't completed and further rise would be seen to 135.50 and above. However, we'd expect strong resistance below 139.21 to bring reversal finally. On the downside, below 133.22 minor support will turn bias back to the downside for 131.21. Break there will confirm medium term topping and would turn outlook bearish.
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">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="600" height="600">