Daily Pivots: (S1) 145.29; (P) 145.87; (R1) 146.79; More…

GBP/JPY rebounds strongly today but stays in range below 148.87. Intraday bias remains neutral first. As long as 143.72 support holds, further rise is in favor. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next. However. sustained break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is now staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 140.68; (P) 140.96; (R1) 141.45; More….

GBP/JPY is staying in range of 138.65/142.75 and intraday bias remains neutral. On the downside, break of 138.65 will resume the decline from 148.09. In that case, we’d look for bottoming signal around 135.58, which is close to 135.39 fibonacci level, to bring rebound. On the upside, break of 142.75 should confirm completion of the fall from 148.09 and turn bias back to the upside for this resistance.

In the bigger picture, while the fall from 148.09 is deeper than expected, we’re not bearish in the cross yet. Price action from 148.42 is possibly developing into a sideway pattern with fall from 148.09 as the third leg. Deeper decline could be seen but we’re looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Rise from 122.36 is still mildly in favor to resume at a later stage. However, sustained break of 135.58/39 will confirm reversal and target a retest on 122.36 low.

Daily Pivots: (S1) 131.52; (P) 132.68; (R1) 134.79; More…

GBP/JPY is staying in corrective rebound from 123.94. Further rise could be seen but upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring fall resumption. On the downside, break of 127.33 minor support will turn bias back to the downside for retesting 123.94 low first.

In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

Daily Pivots: (S1) 152.65; (P) 152.99; (R1) 153.34; More…

Intraday bias in GBP/JPY remains neutral as range trading continues between 151.14/153.42. On the upside, break of 153.42/46 resistance will reaffirm the case that correction from 156.05 has completed at 148.43. Intraday bias will be back on the upside for retesting 156.05. On the downside, though, below 151.14 will bring deeper fall back to retest 148.43.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains on 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. On the downside, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

Daily Pivots: (S1) 165.06; (P) 165.68; (R1) 166.56; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, decisive break of 168.67 resistance will resume larger up trend. Next near term target is 100% projection of 155.57 to 168.67 from 159.97 at 173.07. On the downside, below 164.45 minor support will turn bias back to the downside for 159.97 support instead.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will now remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 165.28; (P) 165.98; (R1) 166.42; More…

Intraday bias in GBP/JPY is turned neutral first with today’s recovery. On the downside, below 165.43 will bring deeper fall to retest 163.02 support. On the upside, break of 168.99 will resume the rebound from 163.02 to retest 172.11 high.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 123.94 (2020 low) could still resume through 172.11 high at a later stage. However, firm break of 159.71 support will argue that it’s already in correction to the up trend from 123.94, and deeper decline would be seen back towards 148.93 support.

Daily Pivots: (S1) 160.81; (P) 161.23; (R1) 161.96; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, decisive break of 161.80 will argue that whole correction from 172.11 has completed at 55.33. Further rally should be seen back to 169.26/172.11 resistance zone. On the downside, break of 155.33 low will resume the fall from 172.11 to 153.70 fibonacci level next.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.97; (P) 144.37; (R1) 144.76; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. As noted before, corrective fall from 148.42 has completed at 136.44 already. Break of 145.38 resistance will target a test on 148.42 high. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, below 140.74 will turn bias to the downside to extend the pattern from 148.42 with another falling leg.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern even. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Though, sustained break will extend the rebound towards 61.8% retracement at 167.78.

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Daily Pivots: (S1) 143.76; (P) 144.34; (R1) 145.01; More…

GBP/JPY failed to sustain above 4 hours 55 EMA and intraday bias is turned neutral again On the downside, break of 142.16 support should confirm short term topping and bring decline to 55 day EMA (now at 140.33) and below. Break of 148.42 will extend the larger rise from 122.36, Still, such rally is seen as a corrective move. Hence, we’d expect strong resistance from 150.43 long term fibonacci level to limit upside.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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GBP/JPY was still stuck in range after failing to break through 153.42 resistance last week. Initial bias remains neutral this week first. On the upside, break of 153.42/46 resistance will reaffirm the case that correction from 156.05 has completed at 148.43. Intraday bias will be back on the upside for retesting 156.05. On the downside, though, below 151.14 will bring deeper fall back to retest 148.43 instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains on 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. On the downside, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

In the longer term picture, the strong break of 55 months EMA was an early sign of long term bullish reversal. Firm break of 156.69 resistance should now confirm the start of an up trend for 195.86 (2015 high).

Daily Pivots: (S1) 156.81; (P) 158.88; (R1) 160.04; More…

Break of 158.49 minor support indicates that rebound from 155.33 has finished at 161.22, ahead of 162.32 resistance. Intraday bias is back on the downside. Whole decline from 172.11 is likely resuming and break of 155.33 will target 153.70 fibonacci level.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 153.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 166.73; (P) 167.35; (R1) 168.21; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Another rise will remain in favor as long as 165.38 minor support holds. On the upside, break of 167.95 will resume the rebound from 155.33 to 169.26 resistance. However, firm break of 165.38 will argue that the corrective pattern from 172.11 is starting another falling leg. Intraday bias will be back on the downside for 162.75 support and below.

In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.

Daily Pivots: (S1) 140.51; (P) 141.28; (R1) 141.73; More

GBP/JPY’s decline resumed by taking out 141.24 and reaches as low as 140.60 so far. Intraday bias is back on the downside. Fall from 147.76 is still in progress and would extend through 138.65 support. Nonetheless, GBP/JPY is seen as staying in consolidation pattern from 148.42, we’d expect strong support from 135.58 to contain downside. Break of 143.18 resistance is needed to indicate short term bottoming. Otherwise, outlook stays bearish in case of recovery.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. But we’d expect strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Medium term rise from 122.36 is still expected to resume later. And break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. However, firm break of 135.58/39 will dampen the bullish view and turn focus back to 122.36 low.

Break of 152.93 suggests recent rally in GBP/JPY has resumed. Intraday bias is back on the upside. Recent medium term rise would now target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Break will pave the way to 100% projection at 160.49. On the downside, break of 149.74 is needed to indicate short term reversal. Otherwise, outlook will remain bullish in case of retreat.

Daily Pivots: (S1) 150.62; (P) 151.21; (R1) 151.91; More…

Break of 152.93 suggests recent rally in GBP/JPY has resumed. Intraday bias is back on the upside. Recent medium term rise would now target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Break will pave the way to 100% projection at 160.49. On the downside, break of 149.74 is needed to indicate short term reversal. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after consolidation from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 146.96 support will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.

Daily Pivots: (S1) 163.04; (P) 163.41; (R1) 163.85; More…

GBP/JPY is staying in consolidation below 165.99 and intraday bias remains neutral. Further rally is still expected as long as 161.18 support holds. As noted before, corrective fall from 172.11 should have completed at 155.33 already. Break of 165.99 will target 169.26 resistance first, and then 172.11 high.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 intact, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.

Daily Pivots: (S1) 141.79; (P) 142.29; (R1) 142.76; More…

GBP/JPY lost momentum after hitting 142.79 and intraday bias is turned neutral first. At this point, rise from 136.44 is seen as the second leg of the consolidation pattern from 148.42. Above 142.79 will target 144.77 first. Break of 144.77 will target a test on this 148.42 high. On the downside, below 140.67 minor support will turn bias back to the downside and extend the fall fro 144.77 through 138.53.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

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GBP/JPY dropped quite sharply to 145.25 last week but quickly recovered. Outlook is a bit mixed and initial bias is neutral this week first. On the upside break of 147.76 will resume rise from 138.65. And firm break of 148.42 key resistance will also resume the whole rally from 122.36 to long term fibonacci level at 150.43 and above. Meanwhile, on the downside, break of 145.25 will revive the case of rejection from 148.09/42 resistance zone. Intraday bias would then be turned back to the downside for 55 day EMA (now at 143.72) and below.

In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we’d be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.

In the longer term picture, it remains to be confirmed is whole down trend from 195.86 has completed at 122.36 already and there is no confirmation yet. But in any case, firm break of 38.2% retracement of 195.86 to 122.36 at 150.43 would pave the way to 61.8% retracement at 167.78. And with that, the 55 month EMA will be firmly taken out which suggests that price actions from 116.83 is indeed a sideway pattern that could last more than a decade.

Daily Pivots: (S1) 160.96; (P) 161.43; (R1) 161.97; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. Corrective pattern from 168.67 would extend for a while. On the upside, break of 163.91 will bring stronger rise to 166.31 resistance. On the downside, below 160.07 will turn bias to the downside for 159.42 and below.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 137.55; (P) 138.03; (R1) 138.54; More…

Intraday bias in GBP/JPY remains mildly on the downside for the moment. Choppy decline from 144.77 would target 136.44 support and below. But we’d expect support from 50% retracement of 122.36 to 148.42 at 135.39 to contain downside and bring rebound. On the upside, break of 139.39 minor resistance will turn bias to the upside and send GBP/JPY through 142.79 resistance. Overall, price actions from 148.42 are forming a consolidation pattern.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Or, sustained break of 50% retracement of 122.36 to 148.42 at 135.39 will turn outlook bearish for a test on 122.36 low. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement of 195.86 to 122.36 at 167.78.

Daily Pivots: (S1) 148.99; (P) 149.70; (R1) 150.79; More…

GBP/JPY’s strong break of 149.45 resistance now argues that consolidation pattern from 152.82 is completed at 146.96. Intraday bias is bacon the upside for 151.92 resistance first. Break there should confirm rise resumption and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32 next. On the downside, below 149.33 minor support will dampen the delay the bullish view and extend the consolidation from 152.82 with another falling leg.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after corrective pull back from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 139.29 will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.