GBP/JPY Daily Outlook
Daily Pivots: (S1) 155.65; (P) 156.32; (R1) 157.38;
The strong rebound from 154.72 suggests that pull back from 159.98 has completed just ahead of 154.67 support. Intraday bias is back on the upside and further rally could now be seen to 159.98 and above. While the rally from 147.61 might extend, we'd expect strong resistance below 163.05 key resistance to bring larger trend reversal eventually. On the downside, below 156.43 minor support will turn bias back to the downside for 154.72 again.
In the bigger picture, considering bearish divergence condition in daily MACD, the up trend from 116.83 might be close to completion. A 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" src="https://d1-invdn-com.akamaized.net/content/picc07d1510128433a1ae58467a369e6e0d.png">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pic7f9f3cc1458effbe6a9a7127395130c0.png">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 131.89; (P) 132.43; (R1) 133.23;
The strong rebound from 131.13 suggests that pull back from 134.94 is already completed. And, the rise from 127.96 is possibly still in progress. Intraday bias is back on the upside. Above 133.48 will target 134.94 and above. But we'd expect strong resistance below 139.21 key resistance level to limit upside and finally bring larger trend reversal. On the downside, below 132.44 minor support will turn bias back to the downside for 131.13 support instead.
In the bigger picture, upside momentum in EUR/JPY remains rather unconvincing as seen in the daily MACD. While further rally cannot be ruled out for the moment, the cross would likely face strong resistance from 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98. The upside from 94.11 should be close to forming a medium term top and turn into consolidation. Break of 127.96 will confirm topping and should bring correction back to 119.10 support.EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pic7d192073f2a555cd111122b654e1201a.png">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pic3ce7662d7825c8396554c1b85c098449.png">