GBP/JPY Daily Outlook
Daily Pivots: (S1) 157.91; (P) 158.56; (R1) 159.11;
The GBP/JPY is still struggling in recent converging range and intraday bias remains neutral. Above 159.52 will extend the larger rally. But in that case, we'd expect strong resistance below 163.05 resistance to bring larger reversal eventually. Below 156.63 will turn bias to the downside for 154.72 support. Break should affirm medium term topping and turn outlook bearish for 147.61 support first.
In the bigger picture, considering bearish divergence condition in daily MACD, the up trend from 116.83 might be close to completion. Break of 147.61 will confirm medium term topping and bring correction back to 140.37 support and below. In case of another rise, we'd now expect strong resistance from 163.05 to limit upside.
GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="600" height="600">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 133.17; (P) 133.58; (R1) 134.27;
The rebound from 131.21 extended higher and the break of 133.72 argues that EUR/JPY has defended 131.13 support already. And, the larger rally is possibly still in progress. Intraday bias is back on the upside for 135.50 and above. But again, we'd expect strong resistance below 139.21 to bring reversal finally. Meanwhile, break of 131.13 will confirm medium term topping at 135.50 and would turn outlook bearish for 124.95 support.
In the bigger picture, the EUR/JPY is expected to top out in medium term soon, if not topped, on lost of upside momentum as seen in daily and weekly MACD. Strong resistance is expected from 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98 to complete the rally from 94.11. Break of 131.13 would confirm and would bring correction back towards 119.10 support.
EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="600" height="600">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="600" height="600">