GBP/JPY Daily Outlook
Daily Pivots: (S1) 181.24; (P) 181.66; (R1) 182.22;
GBP/JPY's rally continues today and reaches as high as 182.88 so far. Intraday bias remains on the upside and the up trend from 116.83 should target next long term fibonacci level of 183.96. On the downside, below 181.05 minor support will turn bias neutral and bring some consolidations before staging another rally.
In the bigger picture, the strong support form 55 week EMA argues that up trend form 116.83 is still in progress. Break of 50% retracement retracement of 251.09 to 116.83 at 183.96 will pave the way to 61.8% retracement at 199.80, which is close to 200 psychological level. On the downside, nonetheless, break of 168.01 should now confirm medium term reversal.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 138.63; (P) 139.70; (R1) 141.74;
EUR/JPY's rally is still in progress and reaches as high as 143.44 so far. As noted before, the consolidation pattern from 145.68 is finished at 134.13 already. Intraday bias remains on the upside for a test on 145.68. On the downside, below 141.69 minor support will turn bias neutral and bring consolidations first before staging another rally.
In the bigger picture, the failure to sustain below 55 weeks EMA and last week's strong rebound argues that up trend from 94.11long term bottom is still in progress. And, it's possibly ready to resume too. Break of 145.68 will target 76.4% retracement of 169.96 to 94.11 at 152.59 next. Nonetheless, break of 134.13 support will extend the corrective pattern from 145.68 lower to 38.2% retracement of 94.11 to 145.68 at 125.98.
