Daily Pivots
: (S1) 141.66; (P) 142.57; (R1) 144.37
GBP/JPY broke through 142.73 resistance to resume recent rally and reaches as high as 144.41 so far today. Intraday bias is back on the upside and further rally should be seen to next medium-term retracement level at 145.39. Break will target 150 psychological level next. On the downside, break of 139.39 support is needed to signal short-term topping. Otherwise, outlook remains bullish even in case of retreat.
In the bigger picture, the strong break of 140.02 (50% retracement of 163.05 to 116.83 at 139.94) indicates that whole medium-term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude reversal of the long-term downtrend from 251.09 (2007 high). But rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, medium-term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.
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EUR/JPY Daily Outlook
Daily Pivots: (S1) 113.89; (P) 114.45; (R1) 115.37
EUR/JPY broke through 115.98 resistance to resume recent rally and reaches as high as 118.58 so far today. 161.8% projection of 94.11 to 104.58 from 100.32 at 117.26 is already met and intraday bias remains on the upside for 120 psychological level first, and then medium-term Fibonacci level at 123.08. On the downside, break of 115.98 resistance turned support is needed to signal short-term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, the strong break of 111.43 resistance should have confirmed long-term trend reversal in EUR/JPY. That is, whole downtrend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. A medium-term rally is now expected that heads back to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) and above. And, we'll stay bullish as long as 104.58 resistance turned support holds.
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