GBP/JPY Daily Outlook
Daily Pivots: (S1) 159.53; (P) 160.21; (R1) 161.35;
The GBP/JPY rises further to as high as 161.08 so far today as larger rally extends. Intraday bias remains on the upside for 163.05 resistance but again, we'd expect strong resistance below there to bring larger reversal eventually. Below 159.27 minor support will turn bias back to the downside for 156.63 support first. Break should confirm medium term topping.
In the bigger picture, considering bearish divergence condition in the daily MACD, the up trend from 116.83 might be close to completion. Break of 156.63 will confirm medium term topping and bring correction back to 147.61 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) 133.94; (P) 134.31; (R1) 134.96;
The EUR/JPY's rebound from 131.21 continues today and reaches as high as 134.87 so far. Intraday bias remain son the upside for 135.50 and above. Current development suggests that larger up trend is still in progress. However, we'd continue to 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">