Daily Pivots: (S1) 130.73; (P) 131.35; (R1) 132.07;
EUR/JPY's rally extends further to as high as 133.53 so far today and at this point, intraday bias will remain on the upside for 135.68 resistance first. As noted before, fall from 138.47 should have completed with three waves down to 126.88 already and current rally is possibly targeting upper end of the medium term range at 139.21. On the downside, below 131.04 will turn intraday bias neutral and bring retreat. But break of 132.30 minor support is needed to indicate that rebound from 126.88 has completed. Otherwise, further rise would be in favor.
In the bigger picture, the stronger than expected rebound from 126.88 mixes up the outlook again and shifts favor back to the case that EUR/JPY is still in sideway consolidation that started at 139.21, in range of 126.88/139.21. In other words, there is no confirmation that medium term rebound from 112.10 has completed. We'll stay neutral for the moment until a firm break of 126.88 or 139.21.
GBP/JPY Daily Outlook :
GBP/JPY Daily Outlook
Daily Pivots: (S1) 144.13; (P) 144.93; (R1) 146.07; More
GBP/JPY's rise from 139.26 extends further to as high as 146.80 so far and the break of 146.30 support turned resistance dampens the immediate bearish view. Whole fall from 153.21 might have completed with three waves down to 139.26 already and sideway consolidation pattern from 139.69 is possibly still in progress with rise from 139.26 as the third leg. Further rise will now be expected as long as 143.77 support holds and GBP/JPY could possibly test 151.57/153.21 resistance zone before topping. On the downside, though, below 143.77 support will indicate that rebound from 139.26 has completed and will flip bias back to the downside for this support first.
In the bigger picture, there is no change in the bearish outlook so far. medium term rebound from 118.18, which is a correction to the long term down trend from 07 high of 251.90, has completed at 163.05 already. Fall from 163.05 is tentatively treated as resumption of the long term down trend. Such decline should resume after finishing the consolidation pattern from 139.69 and should target a new low below 118.81 then. The bearish outlook will remain unchanged as long as 153.21 resistance holds.
