GBP/JPY Daily Outlook
Daily Pivots: (S1) 145.82; (P) 147.67; (R1) 148.62;
Intraday bias in GBP/JPY remains on the downside as fall from 156.59 is in progress. Considering bearish pergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. And GBP/JPY should target 143.51 medium term fibonacci level next. On the upside, break of 150.92 resistance is needed to confirm short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, the case for medium term reversal continues to build up on loss of medium term momentum as seen in weekly MACD. Also, firm break of 146.96 will indicate rejection by 55 month EMA (now at 154.60) and add to that case of reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43. Meanwhile, break of 156.59 will extend the rise from 122.36 to 61.8% retracement of 195.86 to 122.36 at 167.78.
GBP/JPY 4 Hours Chart
GBP/JPY Daily Chart
EUR/JPY Daily Outlook
Daily Pivots: (S1) 129.57; (P) 130.54; (R1) 131.05;
Intraday bias in EUR/JPY remains on the downside as fall from 137.49 is in progress. As noted before, a medium term top is likely in place at 137.49 on bearish pergence condition in daily MACD. Deeper decline should be seen to 126.61 medium term fibonacci level next. On the upside, break of 132.17 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, current development argues that rise from 109.03 has completed at 137.49, on bearish pergence condition in weekly MACD. Deeper fall should be seen to 38.2% retracement of 109.03 to 137.49 at 126.61 first. On the upside, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.
EUR/JPY 4 Hours Chart
EUR/JPY Daily Chart