GBP/JPY: Daily Outlook
Daily Pivots: (S1) 169.45; (P) 169.93; (R1) 170.64;
The GBP/JPY lost some momentum after hitting 170.58 and intraday bias is turned neutral first. As noted before, pull back from 174.84 might be finished at 163.87 already. Another rise is mildly in favor as long as 167.19 minor support holds. Above 170.58 will target 173.65/174.84 resistance zone. Nonetheless, break of 167.19 minor support will turn bias back to the downside for retesting 163.87 support instead.
In the bigger picture, there was no follow through selling in GBP/JPY so far to confirm trend reversal. And the up trend from 116.83 (2011 low) might still extend to above 174.84. Nonetheless, upside momentum is rather unconvincing as seen in weekly MACD. Thus, even in that case, we'd expect strong resistance from 50% retracement retracement of 251.09 to 116.83 at 183.96 to limit upside. Meanwhile, sustained break of medium term trend line support (125.67, 147.61, now at around 162.60) should confirm medium term topping at 174.84 and bring deeper decline to 147.61/156.77 support zone next.
GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="474" height="242">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="474" height="242">
EUR/JPY: Daily Outlook
Daily Pivots: (S1) 139.11; (P) 139.51; (R1) 140.15
Intraday bias in the EUR/JPY remains neutral for the moment. With 140.49 resistance intact, near term outlook stays bearish and fall from 145.68 is still in favor to continue lower. Below 138.16 minor support will turn bias back to the downside for 136.22. Break will target a test on 135.50 key support level. On the upside, however, break of 140.49 will argue that fall from 145.68 has completed and will turn bias back to the upside for retesting 145.68.
In the bigger picture, considering bearish divergence in daily and weekly MACD up trend from 94.11 might have made a medium term at 145.68 already. Decisive break of 135.50 will confirm this bearish case and bring deeper correction to 124.95 support, which is close to 38.2% retracement of 94.11 to 145.68 at 125.98. However, break of 140.49 will argue that the up trend from 94.11 is not completed yet and might extend to 76.4% retracement of 169.96 to 94.11 at 152.59 before topping.
EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="474" height="242">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="474" height="242">