GBP/JPY Daily Outlook
Daily Pivots: (S1) 155.36; (P) 156.36; (R1) 157.01;
Intraday bias in the GBP/JPY remains on the downside and current decline should continue lower to 154.67 resistance turned support. The bearish divergence condition in the daily MACD argues that the trend might be reversing. Break of 154.67 will be an early sign of larger trend reversal and would bring deeper decline to 147.61 support for confirmation. On the upside, above 157.49 minor resistance will turn bias back to the upside for 159.98 and possibly above. But now, we'll expect strong resistance below 163.05 to limit upside and bring reversal eventually.
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 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" src="https://d1-invdn-com.akamaized.net/content/pic6dab7955c51f8d7f5b238abfd4ce186e.png" height="600" width="600">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" src="https://d1-invdn-com.akamaized.net/content/pic5c40879f20003c36889642ded55721f1.png" height="600" width="600">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 131.67; (P) 132.18; (R1) 132.60;
Intraday bias in the EUR/JPY remains neutral for the moment. Above 133.48 minor resistance will extend the rise from 127.96. But in such case, we'd expect strong resistance below 139.21 to limit upside and bring reversal. Meanwhile, break of 131.42 will solidify the case of near term reversal and will turn bias to the downside for 127.96 support.
In the bigger picture, upside momentum in the 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 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" src="https://d1-invdn-com.akamaized.net/content/pic12f16093bfcdbbb0dd140b02b930b235.png" height="600" width="600">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" src="https://d1-invdn-com.akamaized.net/content/picdd5ca58262c84b719b3296937b62c491.png" height="600" width="600">