- Daily Pivots: (S1) 140.64; (P) 141.38; (R1) 141.81;
Intraday bias in GBP/JPY remains on the downside for the moment. As noted before, fall from 145.85 is viewed as the third leg of the consolidation from 147.97 and would extend lower to 137.87 support and possibly below to 38.2% retracement of 118.82 to 147.97 at 136.83. Meanwhile, break of 143.39 minor resistance will turn focus to 145.85 resistance instead.
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 down trend 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, 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) 119.19; (P) 119.67; (R1) 120.20;
No change in EUR/JPY's outlook. Intraday bias remains on the downside and fall from 126.03 should extend lower. Such decline is part of the correction pattern from 127.70 and should target 118.71 and below. Nonetheless, we'd expect downside to be contained by 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) to complete the consolidation. Meanwhile above 121.86 minor resistance will turn bias back to the upside for retest 126.03 resistance first.
In the bigger picture, whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. Rise from there isn't finished yet and is expected to continue to 50% retracement of 169.96 to 94.11 at 132.03 next. Eventually, such rise would likely extend to 139.21 resistance and above. And, we'll stay bullish as long as 111.43 resistance turned support holds.
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