Daily Pivots: (S1) 141.52; (P) 142.03; (R1) 142.73; More

The break of 143.18 resistance in GBP/JPY indicates that fall from 147.76 has completed at 139.29 already, on bullish convergence condition in 4 hour MACD. Intraday bias is now turned back to the upside for 147.76/148.42 resistance zone. Overall, price actions from 148.42 are seen as a sideway consolidation pattern. Break of 141.17 support will turn bias to the downside and bring another fall. But downside should be contained by 135.58 cluster support to bring rebound.

In the bigger picture, the sideway pattern from 148.42 is still unfolding. In case of deeper fall, 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 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.

Daily Pivots: (S1) 147.57; (P) 148.21; (R1) 148.59; More…

GBP/JPY is still bounded in the corrective pattern from 152.82 and outlook is unchanged. As long as 149.45 minor resistance holds, deeper fall is mildly in favor through 146.92 support. But we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to contain downside and bring rebound. On the upside, break of 149.45 resistance will turn bias back to the upside for 151.92/152.82 resistance zone instead.

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.

Daily Pivots: (S1) 142.85; (P) 144.48; (R1) 145.34; More….

GBP/JPY’s correction from 148.09 extended sharply lower. Based on downside acceleration, the fall might extend through 38.2% retracement of 135.58 to 148.09 at 143.31 to 61.8% retracement at 140.35. On the upside, above 145.78 minor resistance will turn bias back to the upside for 148.09 first. Overall, we’d still expect the rise from 122.36 to resume after to 150.42 long term fibonacci level.

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.

Daily Pivots: (S1) 140.16; (P) 141.84; (R1) 142.94; More…

GBP/JPY is staying in range of 140.43/144.77 and intraday bias remains neutral first. With 140.43 minor support intact, further rise is mildly in favor. Above 144.77 will extend the rise from 136.44 to 148.42 resistance next. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, however, below 140.43 minors support will turn bias to the downside to extend the pattern from 148.42 with another falling leg, possibly through 136.44.

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) 148.96; (P) 149.43; (R1) 149.83; More

At this point, we’d still expect strong support from 38.2% retracement of 141.17 to 152.82 at 148.36 to contain downside and bring rebound. Above 150.22 minor resistance will turn bias to the upside for retesting 152.82 high. However, firm break of 148.45 will argue that whole rise from 139.39 is completed. In the case, deeper fall should be seen through 55 day EMA (now at 146.27)

In the bigger picture, medium term rebound from 122.36 is in progress. 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) 145.84; (P) 146.33; (R1) 146.65; More…

No change in GBP/JPY’s outlook as consolidation from 148.87 is extending. Intraday bias remains neutral and more sideway trading could be seen. For now, further rise remains in favor as long as 143.72 support holds. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next. However, on the downside, 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 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) 151.21; (P) 151.58; (R1) 151.88; More…

No change in GBP/JPY’s outlook and rise from 149.16 is in favor to extend higher as long as 150.43 support holds. Next target is 153.42 resistance. Firm break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, below 150.43 minor support will turn bias back to the downside for 149.16 support and below.

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. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 154.37; (P) 154.85; (R1) 155.20; More…

Intraaday bias in GBP/JPY remains neutral as consolidation from 156.05 might extend. But further rise is expected with 153.81 intact. Break of 156.05 will resume larger up trend for 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, firm break of 153.81 will indicate short term topping and turn bias back to the downside for deeper pull back.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus is now 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, break of 149.03 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) 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.

Daily Pivots: (S1) 154.29; (P) 154.56; (R1) 154.79; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current up trend should target 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61 next. However, break of 153.44 support could indicate short term topping, and bring deeper correction first.

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. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. 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) 136.36; (P) 136.84; (R1) 137.16; More…

A temporary low is formed at 135.58, ahead of medium term fibonacci level at 135.39. Intraday bias in GBP/JPY is turned neutral first. As noted before, we’re viewing price actions from 148.42 as a corrective pattern. Break of 137.51 support turned resistance will turn intraday bias back to the upside. Break of 140.08 resistance will confirm near term reversal. However, sustained break of 135.39 will dampen our view and target next fibonacci level at 132.31.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. As long as 50% retracement of 122.36 to 148.42 at 135.39 holds, another rising leg would be seen to 38.2% retracement of 195.86 to 122.36 at 150.42 and possibly above. However, firm break of 135.39 will bring retest of 122.36, with prospect of resuming the larger down trend from 195.86.

Daily Pivots: (S1) 141.84; (P) 142.52; (R1) 143.07; More

Intraday bias in GBP/JPY remains neutral for the moment. With 144.01 support turned resistance intact, near term outlook stays mildly bearish for deeper decline. Break of 141.24 will extend the fall from 147.76 to 138.65 support and below. As GBP/JPY is seen as staying in consolidation pattern from 148.42, we’d expect strong support from 135.58 to contain downside. On the upside, break of 144.01 will indicate completion of the decline from 147.76 and turn bias back to the upside.

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.

Daily Pivots: (S1) 182.57; (P) 182.96; (R1) 183.20; More…

No change in GBP/JPY’s outlook as further fall is in favor with 184.39 resistance intact. Choppy decline from 186.75 is expected to continue. Sustained trading below 55 D EMA (now at 182.46) will argue that it’s already in a larger scale correction and target 176.29 support next. On the upside, break of 184.39 resistance will argue that the pull back from 186.75 has completed. Intraday bias will be turned back to the upside for 185.76 resistance next.

In the bigger picture, as long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and turn outlook neutral for lengthier and deeper consolidations.

Daily Pivots: (S1) 153.64; (P) 154.04; (R1) 154.54; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. Current up trend from 123.94 should target 156.69 long term resistance first. Firm break there will carry larger bullish implications. Next target will be 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, below 153.12 minor support will turn intraday bias neutral and bring consolidations first.

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. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. 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) 188.88; (P) 189.17; (R1) 189.44; More…

GBP/JPY is still extending range trading below 190.05 and intraday bias remains neutral. Further rally is expected with 187.83 minor support intact. Break of 190.05 will target 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. 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).

Daily Pivots: (S1) 151.66; (P) 152.15; (R1) 152.51; More…

Intraday bias in GBP/JPY stays mildly on the upside with 151.39 minor support. Rise from 149.16 would target 153.42 resistance. Firm break there would indicate that the whole corrective pattern from 156.05 has completed. Further rally would then be see to retest this high. However, break of 151.39 support will argue that rebound from 149.16 has completed, and turn bias back to the downside for retesting this support.

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. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 144.06; (P) 144.72; (R1) 145.62; More….

Intraday bias in GBP/JPY remains neutral for the moment. The corrective pattern from 148.09 short term top could extend. On the upside, above 145.78 will turn bias back to the upside for retesting 148.09 first. Meanwhile, break of 143.34 will extend the pull back from 148.09 to 61.8% retracement at 140.35. Overall, we’d still expect the rise from 122.36 to resume after pull back from 148.09 completes. Break of 148.09 will target 150.42 long term fibonacci level first.

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.

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) 140.00; (P) 140.51; (R1) 140.98; More

GBP/JPY’s fall continues today and reaches as low as 139.58 so far. Intraday bias remains on the downside for 138.65 support. Break there will extend the fall from 147.76 towards 135.58 key support level. At this point, price actions from 148.42 are seen as a sideway consolidation pattern. Hence, we’ll expect strong support from 135.58 to contain downside and bring rebound. On the upside, above 141.02 minor resistance will turn intraday bias neutral first.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. 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.

Daily Pivots: (S1) 193.15; (P) 196.84; (R1) 200.07; More..

Intraday bias in GBP/JPY remains neutral as consolidations from 200.53 short term top continues. Outlook will remain bullish as long as 193.51 resistance turned support holds. Firm break of 200.53 will resume larger up trend.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low). Sustained break of 61.8% projection of 155.33 to 188.63 from 178.32 at 198.89 will pave the way to 100% projection at 211.65. Break of 189.97 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.