GBP/JPY Daily Outlook
Daily Pivots: (S1) 156.63; (P) 157.17; (R1) 157.57;
With 156.43 minor support intact, further rise is expected in the GBP/JPY. Current development argues that pull back from 159.98 is completed at 154.72. Rise from 147.61 might not be completed yet. GBP/JPY could now target 159.98 and possibly above. But we'd expect strong resistance below 163.05 resistance to bring larger reversal eventually. On the downside, below 156.43 minor support will turn bias back to the downside for 154.72 support.
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" src="https://d1-invdn-com.akamaized.net/content/picf367c533306cca7d53f98e013bc094a6.png">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pic47c33a96ac321cf7971f484cbb070f80.png">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 132.32; (P) 133.07; (R1) 133.52;
With 132.44 minor support intact, further rally is expected in the EUR/JPY. Current development suggests that choppy rise from 124.95 isn't completed yet. The EUR/JPY may now target 134.94 and possibly above. However, we're continue to expect strong resistance below 139.21 to limit upside and bring larger reversal eventually. On the downside, below 132.44 minor support will turn bias back to the downside for 131.13 support.
In the bigger picture, upside momentum in EUR/JPY remains rather unconvincing as seen in 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 up trend 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/pice4fb37cc1105cac0b787ba25d313885c.png">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pic4f46ea7ce830705d995b795829d7de12.png">