Daily Pivots: (S1) 141.64; (P) 142.95; (R1) 145.03
At this point, GBP/JPY is still stay in range below 144.80 temporary top and intraday bias remains neutral. In case of another fall, downside should be contained by 139.39 support and bring rebound. Recent rally is still expected to continue. Break of medium-term retracement level at 145.39 will pave the way to 150 psychological level next.
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, a 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="600" height="600">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 117.93; (P) 119.27; (R1) 121.53
EUR/JPY's break of 120.12 indicates that recent rally has resumed and intraday bias is back on the upside. Current rally should now extend to next medium-term Fibonacci level at 123.08. On the downside, break of 116.46 support is needed to signal short-term topping. Otherwise, outlook will remain bullish even in case of retreat.
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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