GBP/JPY Daily Outlook
Daily Pivots: (S1) 158.75; (P) 159.21; (R1) 159.47;
A temporary top is in place at 159.98 for the GBP/JPY, and an intraday bias is turned neutral for some consolidations first. But, after all, near term outlook stays bullish as long as 156.70 support holds and further rally is still expected. Above 159.98 will extend the larger rise to 163.05 key resistance level next.
In the bigger picture, the rally from 116.83 medium term bottom has just resumed and further rally should be seen back to 163.05 resistance. We'd be cautious on strong resistance from there to bring reversal. Though, break of 147.10 is needed to signal completion of the rise. Otherwise, outlook will stay bullish.
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EUR/JPY Daily Outlook
Daily Pivots: (S1) 134.10; (P) 134.41; (R1) 134.67;
A temporary top is in place at 134.94 for the EUR/JPY, and the intraday bias is turned neutral for some consolidations first. But, near term outlook stays bullish as long as 131.86 support holds and another rally is still expected. Above 134.96 will extend the larger rise towards 140 psychological level next.
In the bigger picture, medium term up trend from 94.11 has just resumed by taking out 133.80 resistance. While upside momentum isn't too convincing yet, current rally would now target 61.8% retracement of 169.96 to 94.11 at 140.98. On the downside, break of 124.95 is needed to confirm medium term topping. Otherwise, outlook will stay bullish.
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