Daily Currency Outlook: GBP/JPY And EUR/JPY : June 06,2018

GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.38; (P) 146.75; (R1) 147.45;

GBP/JPY’s rebound from 143.18 extended higher and break of 147.04 support turned resistance suggests that fall from 153.84 has completed at 143.18 already. Intraday bias is on the upside for 149.99 resistance first. Break will target 153.84 key near term resistance next. On the downside, break of 145.82 minor support will argue that the rebound is completed and bring retest of 143.18 low.

GBP/JPY 4 Hour Chart

In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

GBP/JPY Daily Chart

EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.06; (P) 128.38; (R1) 128.98;

Focus is now on 128.94 support turned resistance. Decisive break there will argue that fall from 137.49 has completed 124.61, ahead of 124.08 key support level. The three wave structure will indicate it’s a correction and the larger rally is not completed. In that case, further rise should be seen to 133.47 resistance next. On the downside, below 127.17 minor support will indicate rejection from 128.94 and bring retest of 124.61 first.

GBP/JPY 4 Hour Chart

In the bigger picture, as long as 124.08 resistance turned support holds, medium term rise from 109.03 (2016 low) is still in progress and another high above 137.49 would be seen. Nonetheless, considering bearish pergence condition in daily MACD, decisive break of 124.08 will confirm medium term reversal and target 61.8% retracement of 109.03 to 137.49 at 119.90 and below.

GBP/JPY Daily Chart

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