Daily Pivots
: (S1) 134.23; (P) 134.65; (R1) 135.17
GBP/JPY's rally extends today and reaches as high as 135.40 so far. Intraday bias remains on the upside and current rise from 118.82 is expected to target next key resistance level at 140.02. On the downside, below 134.22 minor support will turn bias neutral and bring retreat. But break of 132.44 resistance turned support is needed to signal short-term topping. Otherwise, we'll stay bullish in the cross.
In the bigger picture, at this point, we'd like to maintain that price actions from 116.83 (2011 low) are corrective in nature so far. Rise from 118.82 could be the third leg of the pattern from 116.83 and might target 133.48 and above. After all, the likely scenario is that we'll see more range trading between 116.83 and 140.02 (50% retracement of 163.05 to 116.83 at 139.94) ahead, before an eventual downside breakout. We'll favor this view as long as 140.02 resistance holds.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 108.82; (P) 109.18; (R1) 109.72
EUR/JPY's rally continues today and reaches as high as 109.49 so far. Intraday bias remains on the upside and current rally from 94.11 should now target t 100% projection of 94.11 to 104.58 from 100.32 at 110.79 next, which is close to 111.43 key resistance. On the downside, below 108.65 minor support will turn bias neutral and bring consolidations. But retreat should be contained above 105.97 support and bring another rally.
In the bigger picture, we're favoring the case that whole downtrend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. The sustained break above 55 weeks EMA affirmed this view. Break of 111.43 resistance will confirm this bullish case and bring further medium-term rise to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) and above. And, we'd favor this bullish scenario as long as 100.32 support holds. 
