Daily Pivots: (S1) 117.94; (P) 118.64; (R1) 119.66
EUR/JPY's rally accelerated further to as high as 120.10 so far today and intraday bias remains on the upside. Current rally from 94.11 is still in progress and sustained trading above 120 psychological level would target next medium-term Fibonacci level at 123.08. On the downside, below 117.62 minor support would turn bias neutral and bring consolidations. But the downside of a retreat should be contained above 113.54 support and bring another rise.
In the bigger picture, the 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) first. A break will target 61.8% retracement at 140.98. And, we'll stay bullish as long as 104.58 resistance turned support holds.
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EUR/JPY" title="EUR/JPY" width="570" height="482">
GBP/JPY Daily Outlook
Daily Pivots: (S1) 143.07; (P) 143.74; (R1) 144.48
GBP/JPY's rise is still in progress and reaches 144.67 so far today. Intraday bias remains on the upside for next medium-term retracement level at 145.39. Sustained break there 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, 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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GBP/JPY" title="GBP/JPY" width="570" height="482">