Daily Pivots: (S1) 163.09; (P) 164.28; (R1) 164.93; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, 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) 142.75; (P) 143.86; (R1) 145.06; More…

GBP/JPY failed to take out 145.67 and retreated. Intraday bias is turned neutral first. On the upside, break of 145.67 will target 38.2% retracement of 156.59 to 139.88 at 146.26. Decisive break there will be a strong signal that fall from 156.59 has completed at 139.88, ahead of 139.29/47 key support zone. Further rally should then be seen to 149.30 resistance for confirmation. On the downside, though, break of 142.58 will turn focus back to 139.88 low instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 140.77; (P) 141.58; (R1) 142.17; More…

GBP/JPY is staying in consolidation from 140.23 and intraday bias remains neutral at this point. Stronger recovery cannot be ruled out. But outlook will remain bearish as long as 143.48 minor resistance holds. On the downside, break of 140.23 will extend the down trend from 156.59 to 139.29/47 key support level. We’ll pay attention to bottoming signal around there.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

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) 141.67; (P) 142.39; (R1) 143.65; More…

Outlook in GBP/JPY remains unchanged and intraday bias remains neutral. In case of another fall, we’d expect strong support from 139.31/77 (38.2% retracement of 126.54 to 147.95 at 139.77) to bring rebound. On the upside, above 144.36 will bring retest of 147.95 resistance. However, sustained break of 139.77 will pave the way to 61.8% retracement at 134.71.

In the bigger picture, rise from 126.54 could either be the third leg of the consolidation pattern from 122.75 (2016 low), or the start of a new up trend. In either case, further rally is expected as long as 139.31 support holds, into 148.87/156.59 resistance zone. Reaction from there should reveal which case it should be in. However, sustained break of 139.31 support will dampen this case and turn medium term outlook neutral first.

Daily Pivots: (S1) 134.56; (P) 135.04; (R1) 135.81; More…

Focus remains on 38.2% retracement of 148.87 to 126.54 at 135.07 in GBP/JPY. Sustained break will extend the rebound from 126.54 to 61.8% retracement at 140.33 next. However, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

Daily Pivots: (S1) 161.63; (P) 162.14; (R1) 162.88; More…

GBP/JPY is still bounded inside sideway trading and intraday bias stays 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) 147.11; (P) 147.69; (R1) 148.32; More…

No change in GBP/JPY’s outlook. Consolidation from 149.70 is still in progress and intraday bias stays neutral. In case of another fall, outlook will remain cautiously bullish as long as 145.67 resistance turned support holds. On the upside, above 149.70 will target 153.84/156.69 resistance zone next. However, break of 145.67 will suggest that the rebound from 139.88 has completed and turn near term outlook bearish again.

In the bigger picture, current development suggests that GBP/JPY has successfully defended 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). And, the rally from 122.36 (2016 low) is still intact. Such medium to long term rise would extend through 156.96 high. This will now be the preferred case as long as 145.67 near term support holds. However, break of 145.67 will turn focus back to 139.29/47 key support zone.

Daily Pivots: (S1) 136.33; (P) 137.08; (R1) 138.19; More…

GBP/JPY’s rally resumed after brief consolidation and intraday bias is back on the upside. Current rise from 123.94 should target 100% projection of 123.94 to 135.74 from 129.27 at 141.07 next. On the downside, break of 135.95 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, overall, price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. Current development suggests that it might extend with another rising leg. But still, an eventual downside break out is expected as long as 147.95 resistance holds. Firm break of 122.75 will resume larger down trend from 195.86 (2015 high).

Daily Pivots: (S1) 134.77; (P) 135.10; (R1) 135.62; More…

GBP/JPY’s rise from 131.68 is still in progress for 135.34 resistance and intraday bias remains on the upside. Break will confirm completion of the corrective pull back from 139.73. Further rally would be seen to 139.73 high next. On the downside, break of 133.94 minor support will turn bias back to the downside for 131.68 support instead.

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.

Daily Pivots: (S1) 137.58; (P) 137.90; (R1) 138.06; More…

GBP/JPY’s fall from 140.31 resumes by breaking 137.83 support and 4 hour 55 EMA firmly. The development suggests that corrective rebound from 133.03 has completed with three waves up to 140.31. Large fall from 142.71 might be resuming. Intraday bias is back on the downside for 133.03/134.40 support zone first. On the upside, through, break of 138.86 minor resistance will turn bias back to the upside for 140.31 instead.

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) 184.88; (P) 185.54; (R1) 186.01; More…

GBP/JPY is still staying in range of 184.44/188.63 and intraday bias remains neutral first. As long as 184.44 support holds, further rally is expected. Decisive break of 188.63 will resume larger up trend. However, firm break of 184.44 will turn bias to the downside for deeper correction back to 178.02 support instead.

In the bigger picture, as long as 184.44 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 184.44 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.

GBP/JPY rose to 158.19 last week but retreated notably since then. Initial bias is now on the downside this week for pull back towards 55 day EMA (now at 152.90). On the upside, break of 158.19 will resume larger up trend from 123.94.Next target will be 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72.

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.

In the longer term picture, GBP/JPY could have set up a long term up trend already with break of 156.69 resistance, and the stay above 55 month EMA. Current rise from 122.75 could target a test on 195.86 (2015 high).

Daily Pivots: (S1) 182.26; (P) 182.57; (R1) 182.92; More…

Intraday bias in GBP/JPY stays neutral for the moment, and further rise is expected as long as 179.90 support holds. Above 183.74 will resume larger up trend to 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36 next. On the downside, however, break of 179.90 support will confirm short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target is 195.86 (2015 high). For now, medium term outlook will remain bullish as long as 172.11 resistance turned support holds, even in case of deep pull back.

GBP/JPY’s rise from 149.16 continued last week and initial bias stays on the upside this week for 153.42 resistance first. Decisive break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, break of 151.32 minor support will turn bias back to the downside for 149.16 support instead.

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.

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). However, rejection by 156.69 will invalidate the bullish signal and keep long term outlook neutral first.

GBP/JPY dived to 148.43 last week but rebound strongly, after drawing support from 149.03 support. Corrective fall from 156.05 might have completed already. Initial bias stays mildly on the upside for 153.46 resistance first. Firm break there will pave the way to retest 156.05 high. On the downside, however, break of 150.71 minor support will turn bias back to the downside for 148.43 again.

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) 181.20; (P) 181.68; (R1) 182.13; More…

GBP/JPY continues to lose upside momentum as seen in 4H MACD, but there is no clear sign of topping yet. Further rally is expected to 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36. On the downside, below 178.80 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target is 195.86 (2015 high). For now, medium term outlook will remain bullish as long as 172.11 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 133.26; (P) 133.75; (R1) 134.54; More…

GBP/JPY’s break of 133.98 minor resistance suggests short term bottoming at 131.68. Intraday bias is turned back to the upside for 136.34 resistance first. 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.

Daily Pivots: (S1) 144.82; (P) 145.35; (R1) 146.25; More

Intraday bias in GBP/JPY remains neutral for the moment. With 146.27 minor resistance intact, further decline is still mildly in favor. On the downside, below 144.01 will extend the fall from 147.76 and target 138.65 support and below. But we’d expect strong support from 135.58 to contain downside and bring rebound. On the upside, above 146.27 minor resistance will turn bias back to the upside for 147.76 instead.

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.

Daily Pivots: (S1) 167.75; (P) 169.05; (R1) 169.78; More…

No change in GBP/JPY’s outlook and intraday bias remains neutral for consolidation below 172.11. Downside of retreat should be contained above 164.95 support to bring another rally. Break of 172.11 will resume larger up trend and target 100% projection of 148.93 to 165.69 from 159.71 at 176.47 next.

In the bigger picture, up trend from 123.94 (2020 low), as part of the trend from 122.75 (2016 low) is still in progress. Further rise would be seen to 161.8% projection of 122.75 to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 148.93 support holds.