Daily Pivots: (S1) 151.46; (P) 152.03; (R1) 152.65; More…

Intraday bias in GBP/JPY remains neutral at this point. We’re holding on to the view that corrective rise from 144.97 should have completed at 153.84 already. Hence, another fall is expected in the cross. Break of 150.60 will target 148.37 support first. Break will bring retest of 144.97 low. However, firm break of 153.84 will invalidate our view and extend the rise from 144.97 towards 156.59 high.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 150.94; (P) 151.29; (R1) 151.85; More…

GBP/JPY recovered ahead of 150.48 resistance turned support and intraday bias is turned neutral first. We’re holding on to the view that corrective rise from 144.97 should have completed at 153.84 already. Hence, another fall is expected in the cross. Break of 150.60 will target 148.37 support first. Break will bring retest of 144.97 low.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 150.30; (P) 151.00; (R1) 151.34; More…

Intraday bias in GBP/JPY remains on the downside for the moment. As noted before, corrective rise from 144.97 should have completed at 153.84 already. Deeper fall should be seen to 148.37 support first. Break will bring retest of 144.97 low. On the upside, above 151.68 minor resistance will turn intraday bias neutral first. But near term risk will now stay on the downside as long as 153.84 holds.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

GBP/JPY’s sharp fall last week indicates that corrective rise from 144.97 has completed at 153.84 already. Decline from 153.84 should the third leg of the pattern fro 156.69. Initial bias remains on the downside this week for deeper fall to 148.30 support. Break till bring retest of 144.97 low. On the upside, above 151.68 minor resistance will turn intraday bias neutral first. But near term risk will now stay on the downside as long as 153.84 holds.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

In the longer term picture, current development suggests that rise from 122.36 (2016 low) is not completed yet. Such rally could extend to 61.8% retracement of 195.86 (2015high) to 122.36 at 167.78 before completion. This will now be the preferred case as long as 139.29 support holds.

Daily Pivots: (S1) 150.52; (P) 151.73; (R1) 152.39; More…

GBP/JPY’s fall from 153.84 continues today and breach of 151.15 minor support now suggests that rebound from 144.97 has completed. Intraday bias is turned to the downside for 148.37 support first. Break will pave the way for retesting 144.97 low. On the upside, above 152.04 minor resistance will turn focus back to 153.84 instead.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 151.68; (P) 152.65; (R1) 153.25; More…

GBP/JPY’s consolidation from 153.84 is still in progress but it’s staying well above 151.15 minor support. Intraday bias remains neutral first. In case of another retreat, downside should be contained by 151.15 minor support to bring rise resumption. Above 153.83 will extend the rally from 144.97 and target to retest 156.96 high. However, break of 151.15 will suggest that such rebound from 144.97 has completed and bring retest of this support.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 152.54; (P) 153.14; (R1) 153.51; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 153.83 temporary top. In case of another retreat, downside should be contained by 151.15 minor support to bring rise resumption. Above 153.83 will extend the rally from 144.97 and target to retest 156.96 high. However, break of 151.15 will suggest that such rebound from 144.97 has completed and bring retest of this support.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 152.89; (P) 153.32; (R1) 154.00; More…

GBP/JPY is staying in consolidation below 153.83 temporary top and intraday bias remains neutral first. In case of another retreat, downside should be contained by 151.15 minor support to bring rise resumption. Above 153.83 will extend the rally from 144.97 and target to retest 156.96 high. However, break of 151.15 will suggest that such rebound from 144.97 has completed and bring retest of this support.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 152.30; (P) 153.07; (R1) 153.57; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 153.83 temporary top. Downside of retreat should be contained above 150.58 to bring another rally. Above 153.83 will extend the rise from 144.97 to retest 156.69 high. However, break of 150.58 will suggest that such rebound from 144.97 has completed and bring retest of this support.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

GBP/JPY surged to as high as 153.84 last week as rebound from 144.97 extended. As a temporary top is likely formed, initial bias is neutral this week first. On the upside, above 153.83 will target 156.69 high. However, break of 150.58 will suggests that such rebound from 144.97 has completed and bring retest of this support.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

In the longer term picture, current development suggests that rise from 122.36 (2016 low) is not completed yet. Such rally could extend to 61.8% retracement of 195.86 (2015high) to 122.36 at 167.78 before completion. This will now be the preferred case as long as 139.29 support holds.

Daily Pivots: (S1) 151.62; (P) 152.25; (R1) 153.33; More…

GBP/JPY’s rally from 144.97 continues today and reaches as high as 153.56 so far. Break of near term channel resistance shows upside acceleration. Intraday bias stays on the upside for a test on 156.59 high next. On the downside, below 152.23 minor support will turn intraday bias neutral first. But another rise would be expected as long as 150.58 resistance turned support holds.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

Daily Pivots: (S1) 151.06; (P) 151.59; (R1) 152.49; More…

GBP/JPY’s rise resumed after brief retreat and reaches as high as 152.50 so far. Intraday bias is back on the upside. Current rebound from 144.97 would extend towards 156.59 high. Nonetheless, as such rise is viewed as a correction, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. On the downside, below 151.15 minor support will turn intraday bias neutral first. But further rally is expected as long as 150.58 resistance turned support holds.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

Daily Pivots: (S1) 151.06; (P) 151.59; (R1) 152.49; More…

GBP/JPY lost upside momentum after meeting 61.8% retracement of 156.59 to 144.97 at 152.15. A temporary top is in place at 152.23 and intraday bias is turned neutral. Another rise is in favor as long as 148.37 minor support holds. But again, price actions from 144.97 are still seen as corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. Meanwhile, break of 148.37 will indicate completion of the rebound from 144.97 and bring retest of this low.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

Daily Pivots: (S1) 151.06; (P) 151.59; (R1) 152.49; More…

GBP/JPY rises to as high as 152.23 so far and met 61.8% retracement of 156.59 to 144.97 at 152.15. Intraday bias remains on the upside for further rally. Nonetheless, for now, price actions from 144.97 are still seen as corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. On the downside, below 150.62 minor support will turn intraday bias neutral first. But break of 148.37 is needed to confirm completion of the rebound. Otherwise, near term outlook will remain cautiously bearish in case of retreat.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

Daily Pivots: (S1) 150.39; (P) 150.94; (R1) 151.39; More…

Intraday bias in GBP/JPY remains on the upside for 61.8% retracement of 156.59 to 144.97 at 152.15 and above. or now, price actions from 144.97 are still seen as corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. On the downside, below 150.62 minor support will turn intraday bias neutral first. But break of 148.37 is needed to confirm completion of the rebound. Otherwise, near term outlook will remain cautiously bearish in case of retreat.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

Daily Pivots: (S1) 149.91; (P) 150.57; (R1) 151.25; More…

GBP/JPY’s rise from 144.97 gathers further upside momentum as seen in 4 hour MACD. And it reaches as high as 151.45 so far. With 150.92 resistance taken out, intraday bias is on the upside for 61.8% retracement of 156.59 to 144.97 at 152.15 and above. For now, price actions from 144.97 are still seen as corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. However, break of 148.37 is now needed to confirm completion of the rebound. Otherwise, near term outlook will remain cautiously bearish in case of retreat.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

Daily Pivots: (S1) 149.91; (P) 150.57; (R1) 151.25; More…

GBP/JPY’s rebound from 144.97 is trying to resume today but focus stays on 150.92 resistance. Firm break there will extend the rise to 61.8% retracement of 156.59 to 144.97 at 152.15 and above. The price actions from 144.97 are still corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. However, break of 148.37 minor support should confirm rejection from 150.92 resistance. In that case, deeper fall should be seen through 144.97 to resume the decline from 156.59.

In the bigger picture, the case for medium term reversal has been building up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds. However, sustained trading above 150.92 will argue that the larger rise from 122.36 might still be in progress for another high above 156.59.

GBP/JPY’s choppy rebound from extended to 151.21 last week but breached 150.92 resistance briefly. But it couldn’t sustain above 150.92 (50% retracement of 156.59 to 144.97 at 150.78) yet. Initial bias stays neutral this week first. We’d still expect strong resistance from 150.78/92 to limit upside. Break of 148.37 will turn bias to the downside for retesting 144.97 first. However, sustained break of 150.92 will indicate near term reversal and pave the way back to retest 156.69 high.

In the bigger picture, the case for medium term reversal has been building up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds. However, sustained trading above 150.92 will argue that the larger rise from 122.36 might still be in progress for another high above 156.59.

.In the longer term picture, rejection from 55 month EEMA (now at 154.18) argues that medium term rebound from 122.36 might be completed. And, the corrective structure also carries some bearish implication today. Sustained break of 135.58 key support will likely bring retest of 122.36 low, with prospect of resuming the long term down trend from 195.86 (2015 high).

Daily Pivots: (S1) 149.99; (P) 150.34; (R1) 150.71; More…

Intraday bias in GBP/JPY stays neutral. We maintain that the choppy rise from 144.97 is a corrective move. Hence, strong resistance is expected from 150.92 (50% retracement of 156.59 to 144.97 at 150.78) to limit upside and bring fall resumption. On the downside, below 148.37 minor support will bring retest of 144.97 low first. However, sustained break of 150.92 will indicate near term reversal and pave the way back to retest 156.69 high.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.

Daily Pivots: (S1) 149.27; (P) 149.85; (R1) 150.90; More…

No change in GBP/JPY’s outlook. Choppy rise from 144.97 is seen as a corrective move. We’d expect strong resistance from 150.92 (50% retracement of 156.59 to 144.97 at 150.78) to limit upside and bring fall resumption. On the downside, below 148.37 minor support will bring retest of 144.97 low first. However, sustained break of 150.92 will indicate near term reversal and pave the way back to retest 156.69 high.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.