EUR/JPY Daily Outlook
Daily Pivots: (S1) 129.93; (P) 130.54; (R1) 131.40;
Intraday bias in EUR/JPY remains mildly on the upside for 131.97 resistance. Break there will resume whole rebound from 124.61 and target 133.47 key resistance next. Break there will confirm the bullish case that fall from 137.49 has completed. On the downside, however, below 130.06 minor support will turn focus back to 129.10 instead.
In the bigger picture, for now, medium outlook remains cautiously bullish. the three wave structure of the fall from 137.49 to 124.61 argues that it’s a correction. Also, 124.08 key resistance turned support was defended. Break of 133.47 resistance will affirm the bullish case that rise from 109.03 (2016 low) is still in progress for another high above 137.49. And this will remain the favored case as long as 127.13 support holds.
GBP/JPY Daily Outlook
Daily Pivots: (S1) 145.84; (P) 146.43; (R1) 147.40;
The break of 146.51 minor resistance suggests that pull back from 149.30 is likely finished at 145.25 already. Intraday bias in GBP/JPY is turned back to the upside for 149.30/99 resistance zone. on the downside, below 145.25 will extend the fall from 149.30 to 143.18/76 support zone instead.
In the bigger picture, decline from 156.59 is seen as a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.
