GBP/JPY Daily Outlook
Daily Pivots: (S1) 182.15; (P) 182.73; (R1) 183.24;
At this point, GBP/JPY is holding above 181.07 minor support and intraday bias remains neutral. As long as 181.07 support holds, further rally is still expected. Above 184.66 will target 190 psychological level next. However, break of 101.87 will indicate short term topping and would bring deeper pull back before staging another rise.
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) 145.51; (P) 146.10; (R1) 147.05;
EUR/JPY's rally continues today and reaches as high as 146.95 so far. Larger up trend from 94.11 should have resumed and the cross is now targeting next fibonacci level at 152.59. On the downside, below 144.78 minor support will turn bias neutral and bring consolidations. But retreat should be contained by 142.08 support and bring rally resumption.
In the bigger picture, 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 resuming for 76.4% retracement of 169.96 to 94.11 at 152.59 next. Weekly MACD aurges that EUR/JPY is gathering upside momentum again. Break of 152.59 will target a test on 169.96 (2008 high). On the downside, break of 134.13 is needed to confirm medium term reversal. Otherwise, outlook will stays bullish.
