Daily Pivots: (S1) 148.02; (P) 148.49; (R1) 149.11; More…

Outlook in GBP/JPY remains unchanged. Price actions from 152.82 are developing to a corrective pattern. 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.

GBP/JPY rebounded last week but failed to sustain above 151.38 resistance. Initial bias remains neutral this week first. On the upside, firm break of 151.38 will turn bias to the upside for 153.42 resistance first. Break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, decisive break of 149.03 support will carry larger bearish implication and target 143.78 fibonacci level next.

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.

Daily Pivots: (S1) 191.09; (P) 191.39; (R1) 191.67; More…..

Intraday bias in GBP/JPY remains neutral for the moment. More consolidations could be seen but outlook will stay bullish as long as 187.94 support holds. On the upside, break of 193.51 will resume larger up trend to 61.8% projection of 178.32 to 191.29 from 187.94 at 195.95, which is close to 195.86 long term resistance.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

GBP/JPY’s pullback from 208.09 extended lower last week but recovered after hitting 202.08. Initial bias remains neutral this week first. Further fall is in favor as long as 205.77 resistance holds. This decline from 208.09 might be correcting the whole rise from 178.32 already. Break of 202.08 will target 55 D EMA (now at 201.21). Sustained break there will target 38.2% retracement of 178.32 to 208.09 at 196.71. Nevertheless, break of 205.77 will retain near term bullishness and bring retest of 208.09 high.

In the bigger picture, medium term outlook will stay bullish as long as 188.63 resistance turned support holds. Long term up trend remains in favor to continue through 208.09 at a later stage. However, firm break of 188.63 will be a strong sign of bearish trend reversal.

In the longer term picture, rise from 122.75 (2016 low) is seen as the third leg of the pattern from 116.83 (2011 low). Next target is 138.2% projection of 116.83 to 195.86 from 122.75 at 231.96. Outlook will stay bullish as long as 188.63 resistance turned, or until a clear reversal pattern forms.

Daily Pivots: (S1) 149.53; (P) 150.14; (R1) 151.05; More…

GBP/JPY’s break of 150.92 minor resistance suggests that it has defended 149.03 key support again. Intraday bias is back on the upside for 152.54 resistance. Firm break there will suggest that 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) 145.91; (P) 146.38; (R1) 146.78; More….

With 145.13 minor support intact, further rise is expected in GBP/JPY to 148.09/42 resistance. Decisive break there will extend whole rally from 122.36 to long term fibonacci level at 150.43 next. On the downside, below 145.13 minor support will turn intraday bias neutral and bring consolidation again before staging another rally.

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) 142.45; (P) 142.91; (R1) 143.55; More

GBP/JPY’s fall from 147.76 is still in progress for trend line support (now at 141.87). Break there will target 135.58/138.65 support zone. 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, above 144.20 minor resistance will argue that the decline from 147.76 might be completed. In such case, intraday bias will be turned back to the upside for rebound.

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) 151.67; (P) 151.95; (R1) 152.14; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. On the upside, above 152.38 will reaffirm the case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 149.03 will bring deeper fall to extend the correction from 153.39.

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) 149.38; (P) 150.82; (R1) 151.92; More

GBP/JPY’s pull back from 152.82 is still in progress and deeper fall could be seen. But downside of retreat should be contained above 146.57 support to bring another rally. Above 152.82 will extend the larger rise from 122.36 to 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39 next.

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) 138.91; (P) 139.91; (R1) 140.72; More….

Intraday bias in GBP/JPY remains neutral for consolidation above 138.65 temporary low. Near term outlook stays bearish with 142.75 resistance intact. Fall from 148.09 could still extend lower. In that case, we’d look for bottoming signal around 135.58, which is close to 135.39 fibonacci level, to bring rebound. Break of 142.75, nonetheless, will argue that fall from 148.09 is completed 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.

Daily Pivots: (S1) 136.57; (P) 137.36; (R1) 138.26; More…

Intraday bias in GBP/JPY remain son the downside for the moment. Current downside acceleration and break of 38.2% retracement of 122.36 to 148.42 at 138.46 suggests that whole corrective rise from 122.36 has completed at 148.42. Deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 142.16 support turned resistance is needed to indicate completion of such decline. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, price actions from 122.36 medium term bottom are seen as developing into a corrective pattern. Upside is so far limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range. At this point, we don’t expect a break of 122.36 in near term and the corrective pattern would extend for a while.

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Daily Pivots: (S1) 142.53; (P) 143.36; (R1) 144.78; More….

GBP/JPY surges to as high as 145.29 so far and intraday bias remains on the upside for 148.09/42 resistance zone. Decisive break there will resume whole rebound from 122.36 for key fibonacci level at 150.43. On the downside, below 143.256 minor support will turn bias neutral and bring retreat before staging another rise.

In the bigger picture, price actions from 148.42 are viewed as a sideway pattern. And medium term rally from 122.36 is expected to resume later. Decisive break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case of another fall, we’d bee looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.

GBP/JPY edged lower to 138.65 last week but rebounded since then. The break of near term falling channel suggests reversal but it’s limited by 142.75 resistance so far. Initial bias remains neutral this week with focus on 142.75. Break will indicate that fall from 148.09 has completed and turn bias back to the upside for this resistance. On the downside, break of 138.65 will resume the decline from 148.09. But in that case, we’d look for bottoming signal around 135.58, which is close to 135.39 fibonacci level, to bring rebound.

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.

In the longer term picture, based on the impulsive structure of the decline from 195.86 to 122.36, such fall should not be completed yet. But we will now pay close attention to the structure of the rise from 122.36 to determine whether it’s a corrective move, or an impulsive move. That would decide whether a break of 116.83 low would be seen.

Daily Pivots: (S1) 153.87; (P) 154.14; (R1) 154.65; More…

Intraday bias in GBP/JPY remains neutral at this point and some consolidations could be seen below 154.80. But downside should be contained well above 149.03 to bring another rally. On the upside, break of 154.80 will extend larger up trend to 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61 next.

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) 191.00; (P) 191.31; (R1) 191.95; More…..

Intraday bias in GBP/JPY remains neutral and more consolidations could be seen below 193.51./ On the upside, break of 193.51 will resume larger up trend to 195.86 long term resistance. On the downside, though, break of 190.02 will turn bias to the downside for 187.94 support instead.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for 195.86 long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

Daily Pivots: (S1) 159.82; (P) 160.82; (R1) 161.65; More…

Intraday bias in GBP/JPY stays neutral at this point. On the downside, break of 155.33 low will resume the fall form 172.11 to 153.70 fibonacci level next. Risk will stays on the downside as long as 55 day EMA (now at 162.03) holds, even in case of another rally attempt.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 141.17; (P) 141.75; (R1) 142.19; More….

Intraday bias in GBP/JPY remains neutral first. The break of near term falling channel suggests reversal but we’re prefer to see break of 142.75 resistance to confirm. In that case, intraday bias will be turned to the upside for 148.09 resistance. On the downside, break of 138.65 will resume the decline from 148.09. But in that case, we’d look for bottoming signal around 135.58, which is close to 135.39 fibonacci level, to bring rebound.

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.

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) 144.60; (P) 144.97; (R1) 145.45; More….

GBP/JPY continues to lose upside momentum as seen in 4 hour MACD. But with 143.79 minor support intact, further rally is still expected. Sustained trading above 144.77 resistance will resume the whole rebound from 122.36 through 148.42 high to 150.42 fibonacci level. On the downside, though, break of 143.79 minor support will bring pull back to 4 hour 55 EMA (now at 143.18) 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.

Daily Pivots: (S1) 141.94; (P) 143.03; (R1) 144.44; More…

GBP/JPY drops sharply today but stays in range of 140.43/144.77. Intraday bias remains neutral first. Another rise is mildly in favor as long as 140.43 minor support holds. Above 144.77 will target 148.42 resistance. Break 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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