GBP/JPY Daily Outlook
Daily Pivots: (S1) 163.71; (P) 164.03; (R1) 164.57;
The GBP/JPY rises further to a high as 165.17 so far today and intraday bias remains on the upside. Current rally is still in progress for 168.11 long term fibonacci level next. On the downside, below 163.51 minor support will turn bias neutral and bring consolidations first. But retreat should be contained well above 159.98 resistance turned support and bring another rise.
In the bigger picture, there is no clear sign of topping and indeed, the cross might be building upside momentum again. We'd be cautious on resistance from 38.2% retracement of 251.09 to 116.83 at 168.11 to bring medium term topping. But sustained break there will pave the way to 50% retracement at 183.96 a
GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="600" height="600">nd above.
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600">
E
UR/JPY Daily Outlook
Daily Pivots: (S1) 136.40; (P) 136.86; (R1) 137.72;
The EUR/JPY rises further to as high as 137.92 so far today and intraday bias remains on the upside. Break of upper channel resistance (now at 137.82) will send the cross towards 139.21 key resistance. The break of trend line resistance in the daily MACD argues that the cross is building upside momentum again. And 139.21 would possibly be taken out. On the downside, below 136.57 minor support will turn bias neutral and bring consolidations first.
In the bigger picture, at this point, we'd still expect strong resistance from 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98 to complete the rally from 94.11 and form a medium term top. Break of 131.21 support will bring correction back to 124.95 and below. Though, the uptrend from 94.11 should resume after completing the anticipated correction.
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">