Daily Pivots: (S1) 142.86; (P) 143.82; (R1) 144.81
Intraday bias in GBP/JPY remains neutral for the moment and more consolidations could be seen below 144.80 temporary top. But break of 139.39 support is needed to signal short-term topping. Otherwise, outlook will remain bullish and further rally is expected sooner rather than later. A break of the medium-term retracement level at 145.39 will pave the way to 150 psychological level next.
In the bigger picture, a medium-term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude the reversal of the long-term downtrend from 251.09 (2007 high). But a rise from 116.83 should at least be a move at the same degree as a 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) 119.03; (P) 119.58; (R1) 120.27
With 4 hours MACD crossed below signal line, a temporary top is formed at 120.12 and intraday bias is turned neutral for some consolidations. But downside of retreat should be contained above 113.54 support and bring another rally. Above 120.12 will extend recent rise to next medium-term Fibonacci level at 123.08.
In the bigger picture, the whole downtrend from 169.96 (2008 high) has completed at 94.11 already, on a 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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