Sample Category Title

Pivot (invalidation): 5.2760

Our preference Short positions below 5.2760 with targets at 5.2420 & 5.2200 in extension.

Alternative scenario Above 5.2760 look for further upside with 5.2980 & 5.3150 as targets.

Comment The RSI lacks upward momentum.

Pivot (invalidation): 0.7090

Our preference Long positions above 0.7090 with targets at 0.7130 & 0.7145 in extension.

Alternative scenario Below 0.7090 look for further downside with 0.7075 & 0.7060 as targets.

Comment The RSI is bullish and calls for further advance.

Pivot (invalidation): 1.3345

Our preference Short positions below 1.3345 with targets at 1.3300 & 1.3280 in extension.

Alternative scenario Above 1.3345 look for further upside with 1.3375 & 1.3400 as targets.

Comment The RSI is bearish and calls for further downside.

Pivot (invalidation): 0.9975

Our preference Short positions below 0.9975 with targets at 0.9930 & 0.9910 in extension.

Alternative scenario Above 0.9975 look for further upside with 0.9990 & 1.0000 as targets.

Comment The RSI calls for a drop.

Daily Pivots: (S1) 142.77; (P) 143.16; (R1) 143.61; More...

GBP/JPY's rally is still in progress and intraday bias remains on the upside. Current rise from 131.51 would now target trendline resistance at around 147.56. We'd expect strong resistance from there to limit upside at first attempt. On the downside, below 142.71 minor support will turn intraday bias neutral first. But further rise will remain in favor as long as 139.43 resistance turned support holds.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 (2018 high) already. That came after failing to break through 55 month EMA. No change in this view. Strong rebound from 131.51 argues that fall from 156.59 is just the second leg of the corrective pattern from 122.36. Break of 149.38 resistance will confirm the third leg has started to 159.69, and possibly above. Nevertheless, break of 131.51 will pave the way to retest 122.26 low.

SP500 Pivot (invalidation): 2653.00

Our preference Short positions below 2653.00 with targets at 2616.75 & 2596.00 in extension.

Alternative scenario Above 2653.00 look for further upside with 2665.00 & 2676.00 as targets.

Comment The RSI is mixed to bearish.

Pivot (invalidation): 11050.00

Our preference Long positions above 11050.00 with targets at 11180.00 & 11220.00 in extension.

Alternative scenario Below 11050.00 look for further downside with 11005.00 & 10918.00 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

USDJPY Pivot (invalidation): 109.80

Our preference Short positions below 109.80 with targets at 109.50 & 109.40 in extension.

Alternative scenario Above 109.80 look for further upside with 110.00 & 110.25 as targets.

Comment The upward potential is likely to be limited by the resistance at 109.80.

Pivot (invalidation): 1.3055

Our preference Long positions above 1.3055 with targets at 1.3150 & 1.3190 in extension.

Alternative scenario Below 1.3055 look for further downside with 1.3015 & 1.2975 as targets.

Comment The RSI is bullish and calls for further upside.

Daily Pivots: (S1) 123.52; (P) 124.22; (R1) 124.65; More....

No change in EUR/JPY's outlook and intraday bias remains neutral for the moment. On the upside, break of 125.09 resistance will extend the rebound from 118.62 to 55 day EMA (now at 126.45) and above. On the downside, break of 123.40 minor support will turn bias back to the downside for retesting 118.62 low instead.

In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.39 is possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the down trend from 137.49 for 109.03/114.84 support zone instead.