GBP/JPY Daily Outlook
Daily Pivots: (S1) 160.60; (P) 161.74; (R1) 162.75;
The corrective rebound from 154.70 is still in progress and would possibly target 61.8% retracement of 175.01 to 154.70 at 167.25. But we'll look for topping above there. On the downside, below 159.46 minor support will turn bias back to the downside for 154.70. Break will extend the larger down trend.
In the bigger picture, a medium term top was formed at 195.86 on bearish divergence condition in weekly MACD. Fall from 195.86 is currently viewed as a correction and would likely extend to 61.8% retracement of 116.83 to 195.86 at 147.01 before completion. On the upside, break of 175.01 resistance is needed to indicate completion of fall from 195.86. Otherwise, outlook will remain bearish in case of rebound.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 124.54; (P) 125.65; (R1) 127.67;
The rebound from 122.06 extends and accelerates. 38.2% retracement of 132.36 to 122.06 at 125.99 was taken out and intraday bias remains on the upside. Further rally would be seen to 61.8% retracement at 128.42. We'd expect strong resistance above there to complete the rebound.
In the bigger picture, medium term correction from 149.76 is still in progress and would extend to 100% projection of 149.76 to 126.09 from 141.04 at 117.37. We'll look for bottoming signal around 61.8% retracement of 94.11 to 149.76 at 115.36. Break of 132.36 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bearish in case of rebound.