GBP/JPY
Daily Pivots: (S1) 158.15; (P) 158.62; (R1) 158.99;
The GBP/JPY is staying in tight range below 159.98 for the moment and intraday bias stays neutral for some more consolidations. But, near term outlook stays bullish as long as 156.70 support holds and further rally is still expected. Above 159.98 will extend the larger rise to 163.05 key resistance level next.
In the bigger picture, the rally from 116.83 medium term bottom has resumed and further rally should be seen back to 163.05 resistance. We'd be cautious on strong resistance from there to bring reversal. Though, break of 147.10 is needed to signal completion of the rise. Otherwise, outlook will stay bullish.GBP/JPY Hourly" title="GBP/JPY Hourly" src="https://d1-invdn-com.akamaized.net/content/pic0699b165f2e896913988883c147700d6.png" height="600" width="600">
GBP/JPY Daily" title="GBP/JPY Daily" src="https://d1-invdn-com.akamaized.net/content/picf443439ac346c9f96732fa0f9b6ac9e2.png" height="600" width="600">
Daily Pivots: (S1) 132.45; (P) 133.01; (R1) 133.40;
The EUR/JPY opens the week sharply lower and the breach of 131.86 support indicates that the cross has topped out in near term in 132.94 already. Intraday bias is back on the downside for a test on near term trend line support (now at 131.12). Sustained break there will have larger bearish implication and would pave the way for a test on 127.96 support. On the upside though, above 132.68 minor resistance will turn bias neutral first.
In the bigger picture, the medium term up trend from 94.11 is still in progress and there is no clear sign of reversal yet. But, it should be noted that upside momentum has been very unconvincing since then. Even in case of further rally, the cross will likely see strong resistance between 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98 to limit upside and bring reversal. Meanwhile, a break of 127.96 will be a strong signal of reversal and will turn focus to 124.95 for confirmation.EUR/JPY Hourly" title="EUR/JPY Hourly" src="https://d1-invdn-com.akamaized.net/content/pic0043d9c6d38b4c0fc26dfa7ec9ae4dc4.png" height="600" width="600">
EUR/JPY Daily" title="EUR/JPY Daily" src="https://d1-invdn-com.akamaized.net/content/picec26148b3e5ef7c115d94cbcd77f48bc.png" height="600" width="600">