GBP/JPY Daily Outlook
Daily Pivots: (S1) 136.31; (P) 137.91; (R1) 138.93;
The rebound form 128.86 short term bottom is still in progress. Intraday bias is mildly on the upside for 145.38 support turned resistance and possibly above. But such rise is still seen as a correction for the moment. On the downside, below 136.37 minor support will indicate that the corrective recovery is completed and will turn bias back to the downside for 128.86 low.
In the bigger picture, fall from 195.86 medium term top is still in progress and would target 100% projection of 195.86 to 154.70 from 163.87 at 122.71. There is prospect of retesting 116.83 (2011 low). On the upside, break of 154.70 support turned resistance is needed to be the first sign medium term bottoming. Otherwise, outlook will remain bearish in case of recovery.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 115.11; (P) 115.66; (R1) 116.42;
The rebound from 109.20 extends higher today and intraday bias stays mildly on the upside for 55 days EMA (now at 118.71). But overall, such rise is still viewed as a corrective move. And strong resistance could be seen below 121.93 to bring reversal. Below 114.79 minor support will turn bias back to the downside for retesting 109.20 low.
In the bigger picture, medium term down trend form 149.76 is still in progress. Further downside acceleration would send the cross to 76.4% retracement of 94.11 to 149.76 at 107.24. Sustained break there will bring retest of 94.11 low. In any case, break of 121.93 resistance is needed to be the first signal of reversal. Otherwise, outlook will stay bearish in case of recovery.
