Daily Pivots:
(S1) 136.12; (P) 136.52; (R1) 137.21;
GBP/JPY's rally extends further to as high as 137.14 so far today and intraday bias remains on the upside. As noted before, current rally from 118.82 is expected to continue to test 140.02 key resistance level next. On the downside below 135.82 minor support will turn bias neutral and bring consolidations. But a break of 132.44 resistance turned support is needed to indicate reversal. Otherwise, outlook remains bullish.
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 is still in progress. 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. Nonetheless, sustained break of 140.02 will indicate that rise from 116.83 is at least a move at the same degree as fall from 163.05 and thus stronger medium term rise would then be seen back to this level. 
EUR/JPY Daily Outlook
Daily Pivots: (S1) 110.65; (P) 111.06; (R1) 111.79
EUR/JPY's rally resumed after brief consolidations and rose to as high as 111.74 so far, meeting mentioned 111.43 resistance. Intraday bias remains on the upside and current rally should now target 161.8% projection of 94.11 to 104.58 from 100.32 at 117.26. On the downside, below 110.36 minor support will turn bias neutral and bring consolidations. But downside of retreat should be contained above 107.95 resistance turned support and bring another rally.
In the bigger picture, we're favoring the case that whole down trend 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. Sustained trading above 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 104.58 resistance turned support holds. 
