Daily Pivots: (S1) 148.67; (P) 149.40; (R1) 149.79; More…

GBP/JPY’s fall from 153.84 is still in progress and intraday bias remains on the downside for 148.47 support. Current decline is seen as as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, above 150.60 resistance turned support, however, will argue that fall from 153.84 might be finished. And intraday bias will be turned back to the upside for 152.71 resistance 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) 148.93; (P) 149.78; (R1) 150.42; More…

With 150.62 minor resistance intact, intraday bias in GBP/JPY remains on the downside for 148.37 support. Current fall from 153.84 is seen as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, above 150.62 minor support will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 152.71 resistance 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.

Daily Pivots: (S1) 149.92; (P) 150.38; (R1) 150.92; More…

GBP/JPY drops to as low as 149.46 so far as decline from 153.84 extends. Intraday bias remains on the downside for 148.37 support next. As current fall from 153.84 is seen as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, above 150.62 minor support will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 152.71 resistance 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.

Daily Pivots: (S1) 149.92; (P) 150.38; (R1) 150.92; More…

GBP/JPY’s fall from 153.84 is still in progress and deeper decline would be seen to 148.37 support first. Current fall from 153.84 is seen as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, break of 152.71 resistance is needed to indicate completion of the decline. Otherwise, near term outlook will remain cautiously bearish in case of recovery.

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) 149.51; (P) 150.89; (R1) 151.59; More…

Intraday bias in GBP/JPY remains on the downside for 148.37 support first. Current fall from 153.84 is seen as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, break of 152.71 resistance is needed to indicate completion of the decline. Otherwise, near term outlook will remain cautiously bearish in case of recovery.

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 decline from 153.84 extended last week after recovering to 152.71. Initial bias remains on the downside this week for 148.37 support first. Decline from 153.84 is seen as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, break of 152.71 resistance is needed to indicate completion of the decline. Otherwise, near term outlook will remain cautiously bearish in case of recovery.

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) 151.74; (P) 152.23; (R1) 152.55; More…

GBP/JPY’s sharp decline and break of 150.60 support indicate resumption of fall from 153.84. Intraday bias is back on the downside for 148 .37 support first. Break will bring retest of 144.97 low. On the upside, break of 152.71 resistance is needed to indicate completion of the decline. Otherwise, near term outlook will remain cautiously bearish in case of recovery.

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) 151.74; (P) 152.23; (R1) 152.55; 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 decline 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) 152.09; (P) 152.33; (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 decline 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) 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.