Daily Pivots: (S1) 163.76; (P) 165.09; (R1) 165.98; More…

GBP/JPY only breached 165.99 retreat briefly and retreated. Intraday bias remains neutral first. On the upside, sustained break of 165.99 resume the whole rebound from 155.33 to 169.26 resistance next. On the downside, however, break of 162.95 minor support will mix up the outlook and turn intraday bias to the downside for 158.24 support instead.

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) 144.23; (P) 144.67; (R1) 145.37; More….

GBP/JPY’s rise continued and reached 145.11 so far, breaching 144.77 resistance. The cross continued to lose upside momentum as seen in 4 hour MACD but there is no clear sign of topping yet. Hence, further rise is still expected. As noted before, consolidation pattern from 148.42 has completed at 135.58, ahead of 135.39 medium term fibonacci level. Sustained trading above 144.77 should then resume the whole rebound from 122.36 through 148.42 resistance. On the downside, though, break of 143.79 minor support will bring pull back to 4 hour 55 EMA (now at 142.62) and below, before staging another rally.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

GBP/JPY rose further to 157.74 last week but retreated ahead of 158.19 resistance. Initial bias is neutral this week for some consolidation first. Further rise is expected as long as 154.86 support holds. Decisive break of 158.19 high will resume larger up trend to 167.93 long term fibonacci level. On the downside, below 154.86 minor support will turn intraday bias back to the downside for deeper pull back.

In the bigger picture, strong rebound from 148.93 key structural support retains medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low), to 61.8% retracement of 195.86 to 122.75 at 167.93. Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least

In the longer term picture, as long as 55 month EMA (now at 147.06) holds, we’d still favor more rally to 61.8% retracement of 195.86 to 122.75 at 167.93. But sustained trading below 55 month EMA will at least neutralize medium term bullishness and re-open the chance of revisiting 122.75 low (2016 low).

Daily Pivots: (S1) 188.19; (P) 188.72; (R1) 189.44; More…

GBP/JPY is staying in consolidation below 190.05 and intraday bias remains neutral. On the upside, break of 190.05 will resume larger up trend. However, break of 187.83 will turn bias to the downside for deeper correction back to 185.21 support instead.

In the bigger picture, up trend from 123.94 (2020 low) in in progress. Medium term outlook will stay bullish as long as 178.32 support holds. Next target is 195.86 long term resistance (2015 high).

GBP/JPY’s rebound was limited at 147.13 last week. Subsequent decline pushed the cross through 145.25 low to resume the fall from 149.30. More importantly, the development revived the case that consolidation pattern from 143.18 has completed with three waves up to 149.30. Initial bias stays on the downside this week for 143.18/76 support zone. Deceive break there will resume larger decline from 156.59. On the upside, above 145.53 minor resistance will turn intraday bias neutral first. But outlook will stay mildly bearish as long as 147.13 resistance holds.

In the bigger picture, decline from 156.59 is seen as a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.00) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.26 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) 145.73; (P) 147.03; (R1) 148.98; More

GBP/JPY’s rise continues today and breach of 148.42 resistance argues that whole medium term rebound from 122.36 is resuming. Intraday bias stays on the upside for 150.43 long term fibonacci level. Break there will target 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39. On the downside, below 146. 57 minor support will turn bias neutral and bring retreat before staging another rally.

In the bigger picture, the consolidation from 148.42 should have completed and medium term rebound from 122.36 is resuming. 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. For now, the bullish scenario is preferred as long as 139.29 support holds.

Daily Pivots: (S1) 162.20; (P) 162.70; (R1) 163.61; More…

Intraday bias in GBP/JPY stays neutral as corrective pattern from 168.40 is extending. In case of another fall, downside should be contained by 61.8% retracement of 150.95 to 168.40 at 157.61 to bring rebound. On the upside, firm break of 168.40 will resume larger up trend.

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 150.95 support holds, even in case of deep pull back.

Daily Pivots: (S1) 153.40; (P) 153.80; (R1) 154.56; More…

Intraday bias in GBP/JPY is neutral for the moment with focus on 154.63 minor resistance. Firm break there will argue that pull back from 158.19 has completed. Intraday bias will be turned back to the upside for retesting 158.19 high. On the downside, break of 152.35 will resume the fall towards 148.93 key support instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.

Daily Pivots: (S1) 164.36; (P) 166.24; (R1) 167.30; More…

GBP/JPY’s break of 162.88 minor resistance suggests that deeper correction is underway. Intraday bias is now on the downside for 55 day EMA (now at 161.56). Sustained break there will target 155.57 support. On the upside, above 165.14 minor resistance will turn bias back to the upside for 168.67 again.

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) 138.02; (P) 138.47; (R1) 139.34; More…

Outlook in GBP/JPY remains unchanged. We’d expect strong resistance from 139.88 key resistance to limit upside. On the downside, break of 136.61 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 140.05; (P) 140.90; (R1) 141.96; 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.

GBP/JPY’s up trend resumed last week and reached as high as 154.56. As a temporary top was formed there, initial bias is neutral this week first. Outlook will stay bullish as long as 150.18 support holds. Above 154.56 will extend the medium term up trend to 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Break will target 100% projection 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) 150.50; (P) 150.88; (R1) 151.60; More…

Intraday bias in GBP/JPY remains neutral first, with focus on 141.95 resistance. Break there will indicate that correction from 153.39 has completed. Intraday bias will be turned back to the upside for retesting 153.39 high. In case of another fall, strong support should be seen at 148.50 to bring rebound.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 139.17; (P) 139.51; (R1) 139.89; More…

Intraday bias in GBP/JPY remains on the upside for 140.31 resistance. Break there will resume the rebound from 133.03 for retesting 142.71 resistance next. On the downside, break of 137.19 minor support will turn bias back to the downside for 134.40 support instead.

In the bigger picture, rise from 123.94 is seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.

GBP/JPY dropped sharply to as low as 147.02 last week as the decline from 152.82 accelerated. Initial bias stays on the downside this week for 61.8% retracement of 139.29 to 152.82 at 144.45. Such decline is seen as a correction and we’d look for strong support from 144.45 to bring rebound. On the upside, break of 149.73 support turned resistance is needed to indicate completion of the fall. Otherwise, deeper decline will now remain in favor, even in case of recovery. Also, sustained break of 144.45 will put 139.29 key support in focus.

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.

In the longer term picture, current rebound argues that the down trend from 195.86 (2015 high) has already completed at 122.36. Focus is now on 55 month EMA (now at 155.14). Firm break there will suggest that rise form 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, firm break of 139.29 will suggests that the long term down trend is still in progress and could break 116.83 low ahead.

Daily Pivots: (S1) 141.90; (P) 142.28; (R1) 142.63; More…

Intraday bias in GBP/JPY remains neutral at this point. Near term outlook remains bearish with 144.02 support turned resistance intact. On the downside, below 141.17 will resume the fall from 149.70 and target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 144.96) and above.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) could still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

Daily Pivots: (S1) 138.33; (P) 138.83; (R1) 139.80; More…

GBP/JPY’s break of 138.86 minor resistance suggest that pull back from 140.31 has completed at 137.19. Intraday bias is back on the upside for 140.31 first. Firm break there will resume whole rebound from 133.03 for retesting 142.71 resistance next. On the downside, break of 137.19 minor support will turn bias back to the downside for 134.40 support instead.

In the bigger picture, rise from 123.94 is seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.

Daily Pivots: (S1) 150.27; (P) 150.90; (R1) 151.58; More…

Intraday bias in GBP/JPY is now mildly on the upside for 152.54 resistance. Firm break there will suggest that whole correction from 156.05 has completed, and turn near term outlook bullish for retesting this high. On the downside, however, sustained break of 149.03 key support will carry larger bearish implication and target 143.78 fibonacci level.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59 (2018 high). Fall from 156.05 would at least be correcting the whole rise from 123.94 (2020 low). Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 136.95; (P) 137.27; (R1) 137.57; More…

GBP/JPY is staying in range of 135.38/137.83 and intraday bias remains neutral. On the upside, above 137.83 will resume the rebound from 133.03 to retest 142.71 high. On the downside, firm break of 135.36 support will suggest that rebound from 133.03 has completed. Also, in this case fall from 142.71 is resuming. Intraday bias will be turned back to the downside for 133.03, and then 61.8% retracement of 123.94 to 142.71 at 131.11.

In the bigger picture, rise from 123.94 is seen only as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.

Daily Pivots: (S1) 133.65; (P) 134.18; (R1) 134.57; More…

At this point, further rise is mildly in favor in GBP/JPY for 136.34 resistance. Break there should confirm completion of the decline from 139.73 and bring retest of this high. Though, break of 131.95 will resume the fall from 139.73 to 129.27 support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.