GBP/JPY Daily Outlook
Daily Pivots: (S1) 152.80; (P) 153.21; (R1) 153.74;
Intraday bias in GBP/JPY remains on the upside. Current rally would target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32 first. Break will target 100% projection at 160.49 next. On the downside, break of 151.74 is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, it now looks like GBP/JPY has finally taken out 38.2% retracement of 195.86 to 122.36 at 150.43. Medium term rise from 122.36 should be targeting 61.8% retracement at 167.78. This will now be the favored case as long as 146.96 support remains intact.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 135.76; (P) 136.20; (R1) 136.42;
Intraday bias in EUR/JPY remains neutral for consolidation below 136.36 temporary top. Downside of retreat should be contained by 134.39 resistance turned support to bring another ally. Above 136.63 will extend the larger up trend towards 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12.
In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). It should now be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bullish in case of pull back.
