GBP/JPY Daily Outlook
Daily Pivots: (S1) 164.76; (P) 165.60; (R1) 167.19;
The GBP/JPY rises to as high as 166.65 so far today and intraday bias remains on the upside. Current rally is expected to continue to 168.11 long term fibonacci level next. On the downside, a break of 163.67 support is needed to signal short term topping. Otherwise, outlook will stay bullish in case of retreat.
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 a sustained break there will pave the way to 50% retracement at 183.96 and above.
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GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 137.73; (P) 138.25; (R1) 139.23;
Intraday bias in the EUR/JPY remains on the upside for the moment. As noted before, current acceleration argues that 139.21 resistance is likely to be taken out. Break will target long term fibonacci level of 140.98. On the downside, break of 137.09 is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
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. However, a sustained break of 140.98 will target 76.4% retracement at 152.59. 
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">