Daily Pivots: (S1) 138.28; (P) 139.54; (R1) 140.42; More….

GBP/JPY recovers mildly after hitting 138.65 but stays well below 142.75 resistance. Intraday bias remains on the downside for 135.58 support. As this level is close to 135.39 fibonacci level, we’d look for bottoming signal around there to bring rebound. However, break of 142.75 resistance is needed to indicate completion of fall from 148.09. Otherwise, near term outlook will say mildly bearish in case of recovery.

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) 139.21; (P) 140.86; (R1) 142.22; More….

GBP/JPY’s fall continues today and reaches as low as 139.08 so far. Intraday bias stays on the downside for 135.58 support. As it’s also close to 135.39 fibonacci level, we’d look for bottoming signal around there to bring rebound. However, break of 142.75 resistance is needed to indicate completion of fall from 148.09. Otherwise, near term outlook will say mildly bearish in case of recovery.

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) 139.21; (P) 140.86; (R1) 142.22; More….

Intraday bias in GBP/JPY remains on the downside for 125.58 support. We’d look for bottoming signal around there to bring rebound. Nonetheless, break of 142.75 resistance is needed to indicate completion of fall from 148.09. Otherwise, near term outlook will say mildly bearish in case of recovery.

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 fall from 148.09 extended to as low as 139.52 last week and broke 61.8% retracement of 135.58 to 148.09 at 140.35. The cross is kept well below falling 4 hour 55 EMA and inside near term falling channel. Initial bias stays on the downside this week and current fall would target 135.58 support. We’ll look for bottoming sign again around there. On the upside, break of 142.75 resistance is needed to indicate completion of fall from 148.09. Otherwise, near term outlook will say mildly bearish in case of recovery.

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) 141.25; (P) 141.81; (R1) 142.89; More….

GBP/JPY’s fall from 148.09 resumed after brief consolidation and reaches as low as 142.44 so far. Now that 61.8% retracement of 135.58 to 148.09 at 140.35 is broken and there is no clear sign of bottoming yet. Intraday bias stays on the downside for 135.58 key support next. On the upside, break of 142.75 resistance is needed to indicate completion of fall from 148.09. Otherwise, near term outlook will say mildly bearish in case of recovery.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 141.25; (P) 141.81; (R1) 142.89; More….

With 4 hours MACD crossed above signal line again, intraday bias is turned neutral again. As this point, we’ll continue to look for bottoming signal around 61.8% retracement of 135.58 to 148.09 at 140.35 to bring rebound. Break of 143.93 will indicate near term reversal and turn bias back to the upside. However, sustained break of 140.35 will bring deeper fall to 135.58 key support level.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 140.39; (P) 141.51; (R1) 142.32; More….

Intraday bias in GBP/JPY remains on the downside for 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d continue to look for bottoming around there and bring rebound. Break of 143.93 will indicate near term reversal and turn bias back to the upside. However, sustained break of 140.35 will bring deeper fall to 135.58 key support level.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 141.89; (P) 142.49; (R1) 143.13; More….

GBP/JPY’s fall from 148.09 resumes today by taking out 141.43 and reaches as low as 140.19 so far. Intraday bias is back on the downside for 61.8% retracement of 135.58 to 148.09 at 140.35. We’ll look for bottoming around there. Break of 143.93 will indicate near term reversal and turn bias back to the upside. However, sustained break of 140.35 will bring deeper fall to 135.58 key support level.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 141.89; (P) 142.49; (R1) 143.13; More….

GBP/JPY is still staying above 141.43 temporary low and intraday bias remains neutral first. On the downside, break of 141.43 will extend the decline from 148.09. In such case, intraday bias is turned to the downside for 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, break of 143.93 will turn bias back to the upside for 148.09 resistance.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 141.55; (P) 142.75; (R1) 143.49; More….

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 141.43 will extend the decline from 148.09. In such case, intraday bias is turned to the downside for 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, break of 143.93 will turn bias back to the upside for 148.09 resistance.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

GBP/JPY recovered last week but failed to sustain 4 hour 55 EMA and weakened again. Initial bias is neutral this week first. Break of 141.43 will extend the decline from 148.09. In such case, intraday bias is turned to the downside for 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, break of 143.93 will turn bias back to the upside for 148.09 resistance.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

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) 142.70; (P) 143.20; (R1) 143.90; More….

Break of 141.3.36 minor resistance suggests short term bottoming at 141.43, on bullish convergence condition in 4 hours MACD. And, the pull back from 148.09 could have completed too. Intraday bias is turned back to the upside for 145.43 resistance first. Decisive break there should confirm this bullish case. And also, in that case, whole rally from 122.36 could be resuming through 148.42 resistance to long term fibonacci level at 150.42.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 141.86; (P) 142.38; (R1) 143.30; More….

With 143.36 minor resistance intact, deeper decline could still be seen in GBP/JPY, for 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, above 143.36 minor resistance will turn bias back to the upside. However, sustained trading below 140.35 will dampen our bullish view and turn focus back to 135.58 key near term support instead.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 141.84; (P) 142.46; (R1) 143.12; More….

GBP/JPY is losing some downside momentum as seen in 4 hour MACD. But intraday bias stays on the downside with 143.36 minor resistance intact. Fall from 148.09 is expected to extend to 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, above 143.36 minor resistance will turn bias back to the upside. However, sustained trading below 140.35 will dampen our bullish view and turn focus back to 135.58 key near term support instead.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 142.40; (P) 142.73; (R1) 143.16; More….

GBP/JPY’s decline from 148.09 extends lower to as low as 141.82 so far and intraday bias remains on the downside. Deeper fall would be seen to 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, above 13.36 minor resistance will turn bias back to the upside. However, sustained trading below 140.35 will dampen our bullish view and turn focus back to 135.58 key near term support instead.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 141.48; (P) 143.10; (R1) 144.08; More….

Intraday bias in GBP/JPY remains on the downside for 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, above 145.43 resistance will turn bias back to the upside for retesting 148.09 first.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

GBP/JPY’s decline from 148.09 extended to as low as 142.11 last week. Initial bias stays on the downside this week for 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, above 145.43 resistance will turn bias back to the upside for retesting 148.09 first.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78.. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

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) 144.32; (P) 144.88; (R1) 145.28; More….

GBP/JPY’s recovery was limited below 145.78 resistance and drops sharply. Focus is now on 143.34 support. Break there will extend the whole decline from 148.09 to 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. Ob the upside, above 145.78 will turn bias back to the upside for retesting 148.09 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) 144.29; (P) 144.85; (R1) 145.21; More….

Intraday bias in GBP/JPY remains neutral as it’s staying in tight range of 143.34/145/78. 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) 144.05; (P) 144.60; (R1) 145.43; More….

Intraday bias in GBP/JPY is still neutral at this point. 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.