Daily Pivots: (S1) 140.68; (P) 141.80; (R1) 143.73
GBP/JPY rebounds further today but is still limited below 144.80 and intraday bias remains neutral. No change in the near-term outlook. Price actions from 144.80 is view as a brief consolidation pattern only and recent rise is still in favor to resume soon. Above 144.80 resistance will target 150 psychological level next. Though, break of 139.29 will bring deeper pull back, probably to 55 days EMA (now at 136.35) before staging another rally.
In the bigger picture, a 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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EUR/JPY Daily Outlook
Daily Pivots: (S1) 118.57; (P) 119.81; (R1) 122.06
EUR/JPY broke 120.70 resistance to resume recent rally and reaches as high as 121.30 so far today. Intraday bias is back on the upside and current rise should now target next medium-term Fibonacci level at 123.08. On the downside, break of 117.04 support is needed to signal short-term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, 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. 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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