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) 143.40; (P) 143.97; (R1) 144.68; More…

GBP/JPY recovered ahead of 142.76 but upside was limited below 4 hour 55 EMA. Further decline is still expected. Sustained break of 142.76 will pave the way to 139.29/47 key support zone. On the upside, break of 145.51 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain cautiously bearish even in case of another recovery.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

Daily Pivots: (S1) 186.45; (P) 186.86; (R1) 187.53; More…

Intraday bias in GBP/JPY is back on the upside as rebound from 185.21 resumes. Further rise is expected to retest 188.90 resistance first. Firm break there will resume larger up trend. Next near term target will be 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. For now, near term outlook will stay bullish as long as 185.21 support holds, in case of retreat.

In the bigger picture, up trend from 123.94 (2020 low) is 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) 152.28; (P) 153.48; (R1) 154.31; More…

Intraday bias in GBP/JPY is turned neutral at this point. Another fall is expected with 155.16 resistance intact. Break of 152.63 will resume the fall from 158.04 to 148.94 support. However, firm break of 155.16 will argue that fall from 158.04 has completed, and turn bias back to the upside for retesting 158.04/19.

In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 38.2% retracement of 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

Daily Pivots: (S1) 131.63; (P) 132.34; (R1) 133.40; More…

Intraday bias in GBP/JPY remains on the upside at this point. Correction from 135.74 is possibly completed and from 123.94 might be resuming. Further rise would be seen to 135.74 resistance next. On the downside, though, break of 130.67 support will turn intraday bias to the downside for 61.8% retracement of 123.94 to 135.74 at 128.44.

In the bigger picture, price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

Daily Pivots: (S1) 150.76; (P) 151.46; (R1) 152.10; More…

Intraday bias in GBP/JPY in is turned neutral as it retreated ahead of 152.54 resistance. Some more sideway trading could still be seen. On the upside, firm break of 152.54 will suggest that whole 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) 142.02; (P) 142.86; (R1) 143.91; More…

Intraday bias in GBP/JPY remains on the upside as rebound from 136.33 extends today. Corrective fall from 148.42 should have completed at 136.44 already. Further rally should be seen to retest 148.42 first. Break will extend the larger rise from 122.36 and target 150.42 fibonacci level next. n the downside, below 140.74 minor support will turn bias back to the downside for 136.44.

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 below 38.2% retracement of 195.86 to 122.36 at 150.42 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. Though, sustained break of 150.42 will target 61.8% retracement at 167.78.

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Daily Pivots: (S1) 155.50; (P) 156.18; (R1) 157.06; More…

Intraday bias in GBP/JPY stays neutral at this point. On the downside, break of 155.11 resistance should confirm rejection by 158.19 resistance. Intraday bias will be turned to the downside for 152.88 support, to extend the corrective pattern from 158.19 with another falling leg. However, on the upside, sustained break of 158.19 will resume larger up trend.

In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

Daily Pivots: (S1) 145.92; (P) 146.23; (R1) 146.67; More…

No change in GBP/JPY’s outlook. Deeper fall is expected to 143.18/76 support zone. Break will resume larger decline from 156.59. On the upside, though, above 147.65 minor resistance will turn bias back to the upside for 149.30/99 resistance zone instead.

In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

Daily Pivots: (S1) 182.60; (P) 183.26; (R1) 183.73; More…

With 184.39 resistance holds, GBP/JPY’s choppy decline from 186.75 is extended to continue. Sustained trading below 55 D EMA (now at 182.44) 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) 162.95; (P) 163.74; (R1) 164.60; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 165.99. Further rally is still expected as long as 161.18 support holds. As noted before, corrective fall from 172.11 should have completed at 155.33 already. Break of 165.99 will target 169.26 resistance first, and then 172.11 high.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 intact, 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.

GBP/JPY failed to sustain above 161.80 resistance despite rally attempt. Initial bias remains neutral this week first. On the upside, decisive break of 161.80 will argue that whole correction from 172.11 has completed at 55.33. Further rally should be seen back to 169.26/172.11 resistance zone. On the downside, break of 155.33 low will resume the fall from 172.11 to 153.70 fibonacci level next.

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.

In the longer term picture, as long as 55 month EMA (now at 152.70) holds, rise from 122.75 could still extend higher at a later stage.

Daily Pivots: (S1) 142.87; (P) 143.52; (R1) 143.95; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 144.84 is in progress. Above 144.84 will extend the rebound from 131.51. But we’d expect strong resistance from trend line (now at 147.17) to limit upside, at least on first attempt. On the downside, firm break of 140.62 will suggest completion of the rebound and turn bias to the downside.

In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline is turn argues that it’s the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.38 will pave the way to 156.59 resistance and above.

Daily Pivots: (S1) 152.25; (P) 153.00; (R1) 153.41; More…

GBP/JPY’s fall from 158.19 is still in progress and deeper decline would be seen to 148.93 structural support level. On the upside, break of 154.63 minor resistance will revive near term bullishness and turn bias back to the upside for 158.19 high.

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) 140.84; (P) 141.28; (R1) 141.63; More…

GBP/JPY’s rally resumed after brief consolidation and hits as high as 142.79 so far. Intraday bias is back on the upside. Current rise from 126.54 should target trend line resistance (now at 143.52) next. Sustained break will pave the way to 148.87 key resistance next. On the downside, break of 140.83 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 139.31 support holds, in case of retreat.

In the bigger picture, current rise from 126.54 is seen as the third leg of the consolidation pattern from 122.75 (2016 low). Further rally could be seen but for now, we’d expect strong resistance from 156.59 to limit upside. On the downside, sustained break of 135.74 resistance turned support will suggest that such rebound has completed. Deeper decline could the be seen to retest 126.54 low.

Daily Pivots: (S1) 155.41; (P) 155.96; (R1) 156.30; More…

GBP/JPY’s correction from 158.19 is extending lower and deeper fall would be seen. But downside should be contained above 153.66 support to bring rebound. On the upside, above 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.

GBP/JPY’s rebound from 143.76 extended higher last week. But upside momentum has been rather unconvincing as seen in 4 hour MACD. Initial bias remains neutral this week first. On the upside, firm break of 148.10 resistance will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 143.18 low will extend the fall from 156.59 for 139.25/47 cluster support level.

In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.56) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.26 is in favor to extend to 50% retracement of 195.86 (2015high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

Daily Pivots: (S1) 180.57; (P) 181.70; (R1) 182.26; More…

Intraday bias in GBP/JPY stays neutral and deeper decline is expected as long as 183.34 resistance holds. On the downside, break of 180.78 will resume the fall from 186.75 to 176.29 support next. Nevertheless, firm break of 183.34 will turn bias back to the upside for retesting 186.75 high.

In the bigger picture, fall from 186.75 is currently seen as a corrective move only. 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 bring lengthier and deeper consolidations.

Daily Pivots: (S1) 141.63; (P) 142.05; (R1) 142.60; More…

Intraday bias in GBP/JPY stays on the downside at this point. From 144.60 is seen as the third leg of the correction from 147.95. Next target is 38.2% retracement of 126.54 to 147.95 at 139.77. For now, risk will stay on the downside as long as 144.60 resistance holds, in case of recovery.

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) 145.62; (P) 146.20; (R1) 146.61; More….

Intraday bias in GBP/JPY remains neutral for the moment. Consolidation from 148.09 could extend. But in case of deeper fall downside should be contained by 38.2% retracement of 135.58 to 148.09 at 143.31 and bring rise resumption. Break of 148.42 will target 150.42 long term fibonacci level first. Break there will pave the way to 100% projection of 122.36 to 148.42 from 135.58 at 161.64.

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.