Daily Pivots: (S1) 139.08; (P) 140.50; (R1) 141.39; More…

Intraday bias in GBP/JPY is mildly on the downside for 138.53 support. Break will target 136.44. Overall, price actions from 148.42 are seen as a corrective pattern. Strong support could be seen at 50% retracement of 122.36 to 148.42 at 135.39 to bring rebound. Above 142.79 will turn bias back to the upside.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. 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 with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

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Range trading continued in GBP/JPY last week and outlook is unchanged. Initial bias remains neutral this week and consolidations from 193.51 could extend. On the upside, firm break of 193.51 will resume larger up trend to 195.86 long term resistance. Nevertheless, decisive break of 190.02 will indicate that it’s at least correcting the rise from 178.32, and target 38.2% retracement of 178.32 to 193.51 at 187.70.

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.

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). Further rally will remain in favor as long as 178.32 support holds. Break of 195.86 (2015 high) is possible. But strong resistance could be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 at 199.80 to limit upside, at least on first attempt.

No change in GBP/JPY after last week’s choppy price actions. 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.

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 154.78). 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) 202.14; (P) 202.43; (R1)202.90; More…

Intraday bias in GBP/JPY stays on the upside. Firm break of 61.8% projection of 191.34 to 200.72 from 197.18 at 202.97. will pave the way to 100% projection at 206.56 next. On the downside, below 201.95 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 198.90 support holds, in case of retreat.

In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62. Outlook will stay bullish as long as 191.34 support holds, even in case of deep pullback.

Daily Pivots: (S1) 153.73; (P) 153.99; (R1) 154.22; More…

Intraday bias in GBP/JPY remains neutral first but further rise is expected. On the upside, break of 154.80 will resume larger up trend to 156.59 key resistance first. Break will carry larger bullish implication and target 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. For now, outlook will stay bullish as long as 149.03 resistance holds, in case of pull back.

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) 147.77; (P) 148.46; (R1) 149.63; More

At this point, GBP/JPY is staying in consolidation above 146.92 temporary low and intraday bias remains neutral. Another decline is expected with 149.73 resistance intact. Below 146.92 will target 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 will argue that the pull back is completed and turn bias back to the upside for retesting 152.82 high. However, 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.

Daily Pivots: (S1) 142.90; (P) 143.53; (R1) 144.60; More

Intraday bias in GBP/JPY remains on the upside for as rebound from 139.29 continues. As noted before, fall from 147.76 has completed at 139.29 already, on bullish convergence condition in 4 hour MACD. Further rise should be seen 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) 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) 149.70; (P) 150.01; (R1) 150.37; More

GBP/JPY’s breach of 148.65 minor support suggest that fall from 151.92 is resuming. Such decline is seen as the third leg of the correction pattern from 152.82. Intraday bias is back on the downside through 146.92 support. At this point, 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, above 150.31 will turn bias back to the upside to 151.92 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) 138.64; (P) 139.14; (R1) 139.55; More…

GBP/JPY remains bounded in range of 138.53/142.79. Intraday bias remains neutral at this point. We’re treating price actions from 148.42 as a corrective pattern. Break of 138.53 support will bring deeper decline to 136.44 support and possibly below. However, we’d expect strong support at 50% retracement of 122.36 to 148.42 at 135.39 to bring rebound. On the upside, above 142.79 will turn bias back to the upside for 144.77 and above.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. 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 with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

Daily Pivots: (S1) 135.94; (P) 136.45; (R1) 137.33; More…

GBP/JPY’s strong break of 137.51 indicates short term bottoming at 135.58, ahead of 135.39 fibonacci level. The consolidation pattern from 148.82 could have completed today. Intraday bias is turned back to the upside for 140.08 resistance first. Break will affirm this case and target a test on 148.42 resistance next. For now, outlook will stays cautiously bullish as long as 135.58 support holds.

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) 153.98; (P) 154.61; (R1) 155.79; More…

GBP/JPY’s rally extended and met mentioned target of 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Intraday bias will remain on the upside as long as 153.10 minor support holds. Break of 155.32 will target 100% projection at 160.49. Though, break of 153.10 will indicate short term topping and bring pull back to 150.18 support.

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) 149.27; (P) 149.87; (R1) 150.28; More

Intraday bias in GBP/JPY remains mildly on the upside for retesting 152.82 high. Decisive break there will resume whole medium term rise from 122.36. On the downside, break of 148.13 minor support will turn bias to the downside and extend the correction from 152.82. In that case, we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to bring rebound.

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) 141.76; (P) 142.18; (R1) 142.89; More…

GBP/JPY edges higher today and intraday bias remains mildly on the upside for 144.77 resistance. Rise from 136.44 is seen as the second leg of the consolidation pattern from 148.42. Break of 144.77 will target a test on this 148.42 high. On the downside, below 140.67 minor support will turn bias back to the downside and extend the fall fro 144.77 through 138.53.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. 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 with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

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Daily Pivots: (S1) 149.11; (P) 149.60; (R1) 150.06; More

With 148.13 minor support intact, further rise is mildly in favor in GBP/JPY to 152.82 high. Decisive break there will resume whole medium term rise from 122.36. On the downside, break of 148.13 minor support will turn bias to the downside and extend the correction from 152.82. In that case, we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to bring rebound.

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) 144.08; (P) 144.40; (R1) 144.62; More

GBP/JPY drops to as low as 143.51 so far today. Break of 144.01 support confirms resumption of fall from 147.76 and intraday bias is now on the downside for trend line support (now at 141.87). Further 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, break of 146.77 is needed to signal completion of the fall from 147.76. Otherwise, near term outlook will now be cautiously bearish even in case of recovery.

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) 151.04; (P) 151.32; (R1) 151.56; More…

Further rise is mildly in favor in GBP/JPY with 150.43 minor support intact. Rebound from 149.16 would target 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, 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) 145.20; (P) 145.81; (R1) 146.83; More….

Intraday bias in GBP/JPY remains on the upside for the moment. Correction from 148.42 should have completed at 135.58. And whole rally from 122.36 is likely resuming. Break of 148.42 will target 150.42 fibonacci level.. Further break there will target 100% projection of 122.36 to 148.42 from 135.58 at 161.64. On the downside, below 144.79 minor support will turn bias neutral and bring consolidation before staging another rise.

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) 148.99; (P) 149.58; (R1) 150.25; More…

With 151.19 minor resistance intact, deeper decline is expected for 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 151.19 will indicate short term bottoming and turn bias back to the upside for rebound.

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) 148.51; (P) 148.93; (R1) 149.26; More…

GBP/JPY’s corrective pattern from 152.82 is still in progress. Deeper fall could be seen 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 minor resistance will turn bias back to the upside for 151.92/152.82 resistance zone.

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.