GBP/JPY Daily Outlook
Daily Pivots: (S1) 181.11; (P) 181.97; (R1) 182.72;
Intraday bias in GBP/JPY remains neutral for consolidation below 184.31 temporary top. Downside of consolidations would likely be contained by 4 hours 55 EMA (now at 179.71) and bring another rise. Break of 184.31 will target 190 psychological level next.
In the bigger picture, the up trend from 116.83 has just resumed. Sustained 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, break of 168.01 support is needed to confirm medium term topping. Otherwise, outlook will stay bullish in case of pull back.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 142.33; (P) 142.67; (R1) 143.10;
Intraday bias in EUR/JPY remains neutral for consolidation below 144.21 temporary top. In case of deeper pull back, we'd expect strong support from 4 hours 55 EMA (now at 141.01) and bring another rally. Above 144.21 will extend the rise from 134.13 to retest 145.68 high. Break will resume larger up trend.
In the bigger picture, recent development suggests that the consolidation pattern from 145.68 is completed at 134.13 after breaching 55 weeks EMA briefly. The up trend from 94.11 long term bottom is possibly resuming. Break of 145.68 will target 76.4% retracement of 169.96 to 94.11 at 152.59 next. On the downside, break of 134.13 will extend the corrective pattern from 145.68 to 38.2% retracement of 94.11 to 145.68 at 125.98.
