(S1) 127.16; (P) 127.75; (R1) 128.40
Another fall is still in favor in GBP/JPY with 129.57 minor resistance intact, for for 126.54 support. Break there will indicate completion of whole rebound from 117.29 and target 61.8% retracement of 117.29 to 133.48 at 123.47 and below. However, break of 129.57 will suggest that choppy fall from 133.48 is finished and will flip bias back to the upside for retesting this resistance.
In the bigger picture, overall development in yen crosses dampen the bullish view that GBP/JPY has bottomed out at 116.83. And, with 140.02 resistance intact, choppy decline from 163.05 could extend through 116.83 to resume whole down trend from 251.09 (2007 high). On the upside, break of 133.48 is needed to revive the bullish case that GBP/JPY has bottomed at 116.83. Otherwise, more downside is likely in the cross.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 104.90; (P) 105.35; (R1) 106.10;
Deeper decline is still expected in EUR/JPY minor resistance intact and current fall from 111.43 should extend to 61.8% retracement of 97.03 to 111.43 at 102.53 next. Break will target 97.03 low. Nonetheless break of 107.09 will argue that choppy fall from 111.43 is possibly finished and flip bias back to the upside for retesting this resistance.
In the bigger picture, the rebound form 97.03 was disappointing as it failed to take out 111.57 resistance. Indeed, EUR/JPY also failed to sustain above 55 weeks EMA and is back under this level. While the downtrend from 169.96 has been showing loss of downside momentum in bullish convergence condition in weekly MACD, there is not enough evidence to warrant a reversal yet. We'd possibly see a new low below 97.03 before EUR/JPY bottoms. 
