As for the EUR/JPY pair, we continue to observe development of the uprising cycle from July 1. For now, we do not see any initial conditions for a decreasing tendency; therefore, we consider downward motion as a correction. As for the GBP/JPY pair, we observed the long-term ascendant structure from May 20, 2010 and the local upward cycle from July 7. There are no initial conditions for descendant tendency as well.
Forecast for July 14:
116.41, 115.46, 115.08, 113.95, 113.49, 112.45, 112.08, 111.56, 110.70 110.24