Daily Pivots: (S1) 148.62; (P) 149.28; (R1) 149.80; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 147.95 temporary low. Upside of recovery should be limited by 151.19 resistance to bring another fall. Below 147.95 will target 146.96 support next. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 151.19 will indicate short term bottoming and turn bias back to the upside for rebound.

In the bigger picture, the case for medium term reversal continues to build up on loss of medium term momentum as seen in 4 hour MACD. Also, firm break of 146.96 will indicate rejection by 55 month EMA and add to that case of reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43. Meanwhile, break of 156.59 will extend the rise from 122.36 to 61.8% retracement of 195.86 to 122.36 at 167.78.

GBP/JPY’s fall from 156.59 extended to 147.95 last week but formed a temporary low there and recovered. Initial bias is neutral this week first. Upside of recovery should be limited by 151.19 resistance to bring another fall. Below 147.95 will target 146.96 support next. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 151.19 will indicate short term bottoming and turn bias back to the upside for rebound.

In the bigger picture, the case for medium term reversal continues to build up on loss of medium term momentum as seen in 4 hour MACD. Also, firm break of 146.96 will indicate rejection by 55 month EMA and add to that case of reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43. Meanwhile, break of 156.59 will extend the rise from 122.36 to 61.8% retracement of 195.86 to 122.36 at 167.78.

In the longer term picture, down trend from 195.86 (2015 high) has already completed at 122.36. Focus is now on 55 month EMA (now at 154.60). Firm break there will suggest that rise from 122.36 is developing into a long term move that target 195.86 again. And, price actions from 116.83 (2011 low) is indeed a sideway pattern that could last more than a decade. However, rejection from the 55 month EMA will turn focus back to 122.36 low.

Daily Pivots: (S1) 148.99; (P) 149.58; (R1) 150.25; More…

With 151.19 minor resistance intact, deeper decline is expected for 146.96 support. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 151.19 will indicate short term bottoming and turn bias back to the upside for rebound.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal after rejection by 55 month EMA. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 148.95; (P) 149.78; (R1) 150.59; More…

Intraday bias in GBP/JPY remains on the downside as fall from 156.59 is in progress for 146.96 support. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 151.19 is needed to be the first sign of short term bottoming. Otherwise, outlook will remain cautiously bearish even in case of recovery.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal after rejection by 55 month EMA. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 148.95; (P) 149.78; (R1) 150.59; More…

Decline from 156.59 extends today and intraday bias remains on the downside for 146.96 support. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 154.03 resistance is needed to confirm completion of the fall. Otherwise, outlook will remain cautiously bearish even in case of recovery.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal after rejection by 55 month EMA. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 148.57; (P) 150.66; (R1) 152.42; More…

At this point, intraday bias in GBP/JPY stays on the downside. The decline from 156.59 short term top should target 146.96 support. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 154.03 resistance is needed to confirm completion of the fall. Otherwise, outlook will remain cautiously bearish even in case of recovery.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal after rejection by 55 month EMA. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 148.57; (P) 150.66; (R1) 152.42; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Current fall from 156.59 short term top should target 146.96 support. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 154.03 resistance is needed to confirm completion of the fall. Otherwise, outlook will remain cautiously bearish even in case of recovery.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal after rejection by 55 month EMA. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

GPB/JPY’s sharp decline and break of 151.95 support last week indicates that a short term top is at least formed at 156.59. Initial bias stays on the downside this week for 146.96 support. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 154.03 resistance is needed to confirm completion of the fall. Otherwise, outlook will remain cautiously bearish even in case of recovery.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal after rejection by 55 month EMA. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

In the longer term picture, down trend from 195.86 (2015 high) has already completed at 122.36. Focus is now on 55 month EMA (now at 154.75). Firm break there will suggest that rise from 122.36 is developing into a long term move that target 195.86 again. And, price actions from 116.83 (2011 low) is indeed a sideway pattern that could last more than a decade. However, rejection from the 55 month EMA will turn focus back to 122.36 low.

Daily Pivots: (S1) 151.01; (P) 152.06; (R1) 152.79; More…

GBP/JPY’s decline resumed after brief consolidation and intraday bias is back on the downside for 150.18 support. . Considering bearish divergence condition in daily MACD, the near term trend could have reversed. Break of 150.18 will affirm this case and target 146.96 key support level.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 151.01; (P) 152.06; (R1) 152.79; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 151.19 temporary low. Considering bearish divergence condition in daily MACD, the near term trend could have reversed. Hence, deeper fall is in favor. Below 151.19 will target 150.18 support first. Break of 150.18 will affirm this case and target 146.96 key support level.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 151.72; (P) 152.31; (R1) 153.42; More…

GBP/JPY recovered after forming a temporary low at 151.19 and intraday bias is turned neutral first. Considering bearish divergence condition in daily MACD, the near term trend could have reversed. Hence, deeper fall is in favor. Below 151.19 will target 150.18 support first. Break of 150.18 will affirm this case and target 146.96 key support level.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 151.21; (P) 153.37; (R1) 154.47; More…

GBP/JPY’s decline from 156.59 accelerates to as low as 151.19 so far. Brea of 151.95 support indicates short term topping. Intraday bias is back on the downside for 150.18 support first. Considering bearish divergence condition in daily MACD, break of 150.18 will suggest trend reversal and bring deeper fall through 146.96 support. On the upside, above 152.78 minor resistance will turn intraday bias neutral first.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 155.07; (P) 155.83; (R1) 156.27; More…

Intraday bias in GBP/JPY is neutral for the moment. But after all, the cross is supported well by the rising 55 day EMA. And there is no sign of reversal yet. Near term outlook will remain bullish as long as 151.95 support holds. Break of 156.59 will extend recent rally to 100% projection of 139.29 to 152.82 from 146.96 at 160.49.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

GBP/JPY was well supported by rising 55 day EMA. And recent rise resumed last week by hitting as high as 156.59. Near term outlook will remain bullish as long as 151.95 support holds. Next target will be 100% projection of 139.29 to 152.82 from 146.96 at 160.49.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

In the longer term picture, down trend from 195.86 (2015 high) has already completed at 122.36. Focus is now on 55 month EMA (now at 154.75). Firm break there will suggest that rise from 122.36 is developing into a long term move that target 195.86 again. And, price actions from 116.83 (2011 low) is indeed a sideway pattern that could last more than a decade.

Daily Pivots: (S1) 155.12; (P) 155.77; (R1) 156.69; More…

GBP/JPY rises to as high as 156.59 so far. Break of 156.07 indicates larger up trend resumption. Intraday bias is turned back to the upside. Current rally would target 100% projection of 139.29 to 152.82 from 146.96 at 160.49 next. On the downside, break of 151.95 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

Daily Pivots: (S1) 153.89; (P) 154.61; (R1) 155.68; More…

Intraday bias in GBP/JPY remains neutral at this point. For the moment, 156.07 is seen as a short term top. Hence, risk remains mildly on the downside for another another fall. Also, break of 151.95 will now be an early sign of reversal and will bring deeper decline back to 149.96 key support level. Nonetheless, above 156.07 will resume larger up trend to 167.78 fibonacci level.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

Daily Pivots: (S1) 152.55; (P) 153.31; (R1) 154.66; More…

GBP/JPY recovered strongly after hitting 151.95 and intraday bias is turned neutral first. But still, as 156.07 is seen as a short term top, another fall is expected ahead. Break of 151.95 will target 150.18 support first. Break will extend the decline to 149.96 key support level. Meanwhile, above 156.07 will resume larger up trend to 167.78 fibonacci level.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

Daily Pivots: (S1) 152.77; (P) 153.39; (R1) 153.97; More…

GBP/JPY’s fall from 156.07 is still in progress and intraday bias remains on the downside for 150.18 support. As 156.07 is seen as a short term top. Break of 15018 will target 149.96 key support level. On the upside, above 154.01 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 156.07 resistance holds.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

Daily Pivots: (S1) 152.84; (P) 154.34; (R1) 155.26; More…

Intraday bias in GBP/JPY is mildly on the downside. Fall from 156.07 short term top would extend to 150.18 support first. Break there will target a test on 146.96 key support level. Nonetheless, break of 156.07 will resume medium term rally.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

GBP/JPY rose to 156.07 last week but retreated sharply since then. A short term top is likely in place with bearish divergence condition in 4 hour MACD. Initial bias is mildly on the downside for 150.18 support next. Break there will target a test on 146.96 key support level. Nonetheless, break of 156.07 will resume medium term rally.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

In the longer term picture, down trend from 195.86 (2015 high) has already completed at 122.36. Focus is now on 55 month EMA (now at 154.75). Firm break there will suggest that rise from 122.36 is developing into a long term move that target 195.86 again. And, price actions from 116.83 (2011 low) is indeed a sideway pattern that could last more than a decade.