GBP/JPY Daily Outlook
Daily Pivots: (S1) 156.26; (P) 157.54; (R1) 158.40;
Intraday bias in the GBP/JPY remains neutral for the moment. More consolidation could be seen but still, near term outlook stays bullish as long as 156.70 support holds and further rally is expected. Above 159.98 will extend the larger rise to 163.05 key resistance level next. However, break of 156.70 will suggest near term reversal and turn bias back to the downside for 55 days EMA (now at 155.09) and below.
In the bigger picture, the rally from 116.83 medium term bottom has 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.GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/picafcc936533a09c07b0cd95c4240e3f47.png">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pic1bb3fc06a5797b439aa40738bfb03f8b.png">
EUR/JPY Daily Outlook
Daily Pivots: (S1) 131.98; (P) 132.59; (R1) 133.05;
Intraday bias in the EUR/JPY remains neutral first the moment. As it's staying above near term rising trend line, further rally would be seen. Above 133.48 minor resistance will argue that the rise from 127.96 isn't finished yet. And in such case, further rise would be seen to 134.94 and above. But we'd stay cautious on reversal as it approaches 139.21 resistance. Meanwhile, break of 131.42 will solidify the case of near term reversal and will turn bias to the downside for 127.96 support.
In the bigger picture, the medium term up trend from 94.11 is still in progress and there is no clear sign of reversal yet. But it should be noted that upside momentum has been very unconvincing since then. Even in case of further rally, the cross will likely see strong resistance between 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98 to limit upside and bring reversal. Meanwhile, a break of 127.96 will be a strong signal of reversal and will turn focus to 124.95 for confirmation.EUR/JPY Hourly Chart" title="EUR/JPY Hourly Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pice5dab20070c7b7e2724fb4c1fac7b01a.png">
EUR/JPY Daily Chart" title="EUR/JPY Daily Chart" width="600" height="600" src="https://d1-invdn-com.akamaized.net/content/pic7bb4e0a035062b964521f6f67a0e47ee.png">