Daily Pivots: (S1) 142.58; (P) 143.49; (R1) 144.38; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, break of 145.67 will target 38.2% retracement of 156.59 to 139.88 at 146.26. Decisive break there will be a strong signal that fall from 156.59 has completed at 139.88, ahead of 139.29/47 key support zone. Further rally should then be seen to 149.30 resistance for confirmation. On the downside, though, break of 142.58 will turn bias back to the downside for retesting 139.88 low instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

GBP/JPY stayed in range of 142.58/145.67 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, break of 145.67 will target 38.2% retracement of 156.59 to 139.88 at 146.26. Decisive break there will be a strong signal that fall from 156.59 has completed at 139.88, ahead of 139.29/47 key support zone. Further rally should then be seen to 149.30 resistance for confirmation. On the downside, though, break of 142.58 will turn bias back to the downside for retesting 139.88 low instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

In the longer term picture, the failure to sustain above 55 month EMA (now at 152.97) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

Daily Pivots: (S1) 142.64; (P) 143.45; (R1) 143.95; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, break of 145.67 will target 38.2% retracement of 156.59 to 139.88 at 146.26. Decisive break there will be a strong signal that fall from 156.59 has completed at 139.88, ahead of 139.29/47 key support zone. Further rally should then be seen to 149.30 resistance for confirmation. On the downside, though, break of 142.58 will turn focus back to 139.88 low instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.75; (P) 143.86; (R1) 145.06; More…

GBP/JPY failed to take out 145.67 and retreated. Intraday bias is turned neutral first. On the upside, break of 145.67 will target 38.2% retracement of 156.59 to 139.88 at 146.26. Decisive break there will be a strong signal that fall from 156.59 has completed at 139.88, ahead of 139.29/47 key support zone. Further rally should then be seen to 149.30 resistance for confirmation. On the downside, though, break of 142.58 will turn focus back to 139.88 low instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.79; (P) 143.09; (R1) 143.59; More…

GBP/JPY’s strong rebound and break of 144.20 minor resistance suggests that pull back from 145.67 has completed at 142.58 already. Intraday bias is turned back to the upside for 145.67 first. Break will resume the rebound from 139.88 to 38.2% retracement of 156.59 to 139.88 at 146.26. Decisive break there will be a strong signal that fall from 156.59 has completed at 139.88, ahead of 139.29/47 key support zone. Further rally should then be seen to 149.30 resistance for confirmation. On the downside, though, break of 142.58 will turn focus back to 139.88 low instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.79; (P) 143.09; (R1) 143.59; More…

Intraday bias in GBP/JPY remains mildly on the downside at this point. Rebound from 139.88 should have completed at 145.67. Deeper fall would be seen to retest 139.88 low first. Break will target 139.29/47 key support zone. On the upside, above 144.20 minor resistance will turn bias back to the upside for 145.67 and possibly above.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.57; (P) 143.30; (R1) 143.76; More…

GBP/JPY’s breach of 142.81 minor support argues that rebound from 139.88 has completed at 145.67. Intraday bias is back on the downside for retesting 139.88 first. Break will target 139.29/47 key support zone. On the upside, above 144.20 minor resistance will turn bias back to the upside for 145.67 and possibly above.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 143.41; (P) 144.05; (R1) 144.61; More…

Intraday bias in GBP/JPY remains neutral at this point. As long as 142.81 minor support holds, another rise is mildly in favor. Above 145.67 will target trend line resistance (now at 146.99). Firm break there will be a signal of bullish reversal and should target 149.30 resistance for confirmation. However, break of 142.81 will argue that the rebound from 139.88 has completed and turn bias back to the downside for 139.29/47 key support zone.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

GBP/JPY rebounded further to 145.67 last week but formed a temporary top and retreated. Initial bias stays neutral this week first. As long as 142.81 minor support holds, another rise is mildly in favor. Above 145.67 will target trend line resistance (now at 146.99). Firm break there will be a signal of bullish reversal and should target 149.30 resistance for confirmation. However, break of 142.81 will argue that the rebound from 139.88 has completed and turn bias back to the downside for 139.29/47 key support zone.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

In the longer term picture, the failure to sustain above 55 month EMA (now at 152.97) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

Daily Pivots: (S1) 143.99; (P) 144.83; (R1) 145.30; More…

GBP/JPY formed a temporary top at 145.67 and intraday bias is turned neutral first. As long as 142.81 minor support holds, another rise is mildly in favor. Above 145.67 will target trend line resistance (now at 147.01). Firm break there will be a signal of bullish reversal and should target 149.30 resistance for confirmation. However, break of 142.81 will argue that the rebound form 139.88 has completed and turn bias back to the downside for 139.29/47 key support zone.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 143.69; (P) 144.64; (R1) 146.44; More…

GBP/JPY’s rebound from 139.88 is still in progress and reaches as high as 145.67 so far. Intraday bias stays on the upside for trend line resistance (now at 147.04). Firm break there will be a signal of bullish reversal and should target 149.30 resistance for confirmation. On the downside, below 143.65 minor support will turn intraday bias neutral first.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.89; (P) 143.28; (R1) 143.51; More…

GBP/JPY’s rebound from 139.88 resumes after brief consolidation and reaches as high as 144.77 so far. Intraday bias is back on the upside for further rally. Sustained trading above 55 day EMA (now at 144.66) will bring further rise to 149.30 key resistance. On the downside, though, break of 142.81 will suggest that the rebound is completed and bring retest of 139.88 low.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the downside acceleration makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.89; (P) 143.28; (R1) 143.51; More…

Intraday bias in GBP/JPY is turned neutral with a temporary top formed at 143.65. Another rise is mildly in favor as long as 141.92 minor support holds. Above 143.65 will target 55 day EMA (now at 144.60) and above. On the downside, however, below 141.92 minor support will indicate completion of the rebound. And larger down trend will likely resume for 139.29/47 key support zone instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the downside acceleration makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.74; (P) 143.01; (R1) 143.50; More…

GBP/JPY’s rebound from 139.88 is still in progress for 55 day EMA (now at 144.68) even though upside momentum is diminishing. On the downside, however, below 141.92 minor support will indicate completion of the rebound. And larger down trend will likely resume for 139.29/47 key support zone instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the downside acceleration makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.57; (P) 142.91; (R1) 143.29; More…

With 141.32 minor support intact, further rise could still be seen in GBP/JPY for 55 day EMA (now at 144.71). On the downside, however, below 141.32 minor support will indicate completion of the rebound. And larger down trend will likely resume for 139.29/47 key support zone instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the downside acceleration makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

GBP/JPY’s rebound last week suggests short term bottoming at 139.88. Initial bias stays mildly on the upside this week rebound to 55 day EMA (now at 144.85). On the downside, however, below 141.32 minor support will indicate completion of the rebound. And larger down trend will likely resume for 139.29/47 key support zone instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the downside acceleration makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

In the longer term picture, the failure to sustain above 55 month EMA (now at 152.88) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

Daily Pivots: (S1) 142.37; (P) 142.69; (R1) 142.97; More…

With 141.32 minor support intact, rebound from 139.88 short term bottom is in favor to continue. GBP/JPY be targeting 55 day EMA (now at 144.78). However, on the downside, below 141.32 minor support will likely extend larger down trend and turn focus back to 139.29/47 key support zone instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.23; (P) 142.52; (R1) 143.04; More…

With 141.32 minor support intact, rebound from 139.88 short term bottom could extend higher to 55 day EMA (now at 144.86). However, on the downside, below 141.32 minor support will likely extend larger down trend and turn focus back to 139.29/47 key support zone instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 141.07; (P) 141.88; (R1) 143.10; More…

Break of 142.46 minor resistance suggests short term bottoming at 139.89. Intraday bias is back on the upside for further rebound to 4 hour 55 EMA (now at 144.92). On the downside, below 141.32 minor support will extend larger down trend and turn focus back to 139.29/47 key support zone instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 140.61; (P) 140.96; (R1) 141.19; More…

GBP/JPY’s recovery from 139.88 is so far very weak. Intraday bias remains neutral and consolidation from 139.88 might extend further. Still, as long as 142.46 minor resistance intact, deeper fall is in favor. Sustained break of 139.29/47 key support zone will carry larger bearish implication and target 135.58 support next. Though, break of 142.46 will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for stronger rebound.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).