GBP/JPY Daily Outlook
Daily Pivots: (S1) 157.81; (P) 158.24; (R1) 158.48;
Intraday bias in the GBP/JPY remains on the upside as rebound from 154.72 continues. Further rally could be seen to 159.98 and possibly above. But we'd expect strong resistance below 163.05 resistance to bring larger reversal eventually. On the downside, below 157.06 minor support will turn bias back to the downside for 154.72 support.
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" src="https://d1-invdn-com.akamaized.net/content/picd26e1e363cb5e7458e44843530e5d353.png">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pic9e124df5c0164abefe10fa3d57684337.png">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 133.54; (P) 133.86; (R1) 134.12;
The EUR/JPY's rebound from 131.13 is still in progress even though upside momentum remains unconvincing. Further rise could be seen to 134.94 and possibly above. However, we'd continue to expect strong resistance below 139.21 to limit upside and bring larger reversal eventually. Below 132.62 minor support will turn bias back to the downside for 131.13 support first.
In the bigger picture, upside momentum in the EUR/JPY remains rather unconvincing as seen in daily and weekly MACD. While further rally cannot be ruled out for the moment, the cross would likely face strong resistance from 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98. The up trend from 94.11 should be close to forming a medium term top and turn into consolidation. Break of 127.96 will confirm topping and should bring correction back to 119.10 support.EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/picd871df054c1935dbb8a6fda3ee0811f3.png">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pic1510cbf2344197ac9b1fd6871ac1922f.png">