- Daily Pivots: (S1) 128.79; (P) 129.12; (R1) 129.57;
Intraday bias in GBP/JPY remains on the upside for 129.64 resistance. Break will confirm resumption of whole rebound from 118.82 and target channel resistance (now at 130.70). On the downside, below 128.41 minor support will delay the bullish case and bring another fall to extend the consolidation from 129.64. However, we'll stay bullish as long as 124.72 support holds and expects further rally ahead.
In the bigger picture, at this point, we'd like to maintain that price actions from 116.83 (2011 low) are corrective in nature so far. Rise from 118.82 could be the third leg of the pattern from 116.83 and might target 133.48 and above. After all, the likely scenario is that we'll see more range trading between 116.83 and 140.02 (50% retracement of 163.05 to 116.83 at 139.94) ahead, before an eventual downside breakout. We'll favor this view as long as 140.02 resistance holds.
GBP/JPY H4" title="GBP/JPY H4" width="620" height="414">
GBP/JPY" title="GBP/JPY" width="620" height="414">
EUR/JPY Daily Outlook
- Daily Pivots: (S1) 102.98; (P) 103.46; (R1) 103.86;
Intraday bias in EUR/JPY remains mildly on the upside for 104.58 first. Break there will confirm resumption of rise from 94.11 and should target 111.43 key resistance. On the downside, below 103.07 minor support will delay turn bullish case and would extend the consolidation fro 104.58 with another fall. But after all, we'll stay near term bullish as long as 100.14 support holds and expect rise from 94.11 to resume later.
In the bigger picture, we're favoring the case that whole down trend from 169.96 (3008) has completed at 94.11 already, on bullish convergence condition in weekly MACD. Focus is now on 111.43 key resistance level. Break will confirm this bullish case and bring further medium term rise to 123.31 and above (38.2% retracement of 169.96 to 94.11 at 123.08). And, we'd favor this bullish scenario as long as 100.14 support holds. Though, considering that EUR/JPY can't take out 55 weeks EMA decisively yet, break of 100.14 will favor another low below 94.11 instead. 
EUR/JPY H4" title="EUR/JPY H4" width="620" height="414">
EUR/JPY" title="EUR/JPY" width="620" height="414">