Daily Pivots: (S1) 147.83; (P) 148.24; (R1) 148.77; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 149.70 is still in progress. In case of deeper fall, outlook will stay remain 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.

GBP/JPY stayed in consolidation below 149.70 last week but held above 145.67 resistance turned support. Initial bias remains neutral this week and another rally is in favor. 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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 152.97) mixed the outlook. Nonetheless, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015 high) 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.

GBP/JPY recovered after dipping to 150.95, but upside is held well below 155.20 resistance. Initial bias remains neutral this week and further fall is expected. On the downside, break of 150.95 will resume the fall from 158.04, as the the third leg of the consolidation pattern from 158.19, to 148.94 support.

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.

In the longer term picture, as long as 55 month EMA (now at 147.27) holds, we’d still favor more rally to 61.8% retracement of 195.86 to 122.75 at 167.93. But sustained trading below 55 month EMA will at least neutralize medium term bullishness and re-open the chance of revisiting 122.75 low (2016 low).

Daily Pivots: (S1) 131.94; (P) 132.32; (R1) 132.67; More…

Range trading continues in GBP/JPY and intraday bias remains neutral first. Further fall is expected with 133.98 resistance intact. Break of 131.68 will resume the decline from 139.73 for 129.27 support. Decisive break there will confirm completion of rebound from 123.94. Deeper fall would be seen to retest 123.94 low.

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) 155.46; (P) 155.97; (R1) 156.90; More…

Intraday bias in GBP/JPY remains on the upside for retesting 157.74/158.19 resistance. Firm break there will resume larger up trend from 123.94. On the downside, break of 154.46 minor support will mix up the outlook again and turn intraday bias neutral.

In the bigger picture, price actions from 158.19 are currently 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.

GBP/JPY’s break of 133.98 resistance last week argue that fall from 139.73 might have completed at 131.68. Initial bias is mildly on the upside for 136.34 resistance first. Break will confirm this case and bring retest of 139.73 high. Though, break of 131.95 support would resume the decline through 131.68 to 129.27 key 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.

In the longer term picture, repeated rejection by 55 month EMA indicate long term bearishness in the cross. Down trend from 251.09 (2007 high) should eventually resume through 122.75 to 116.83 (2011 low) and below. However, sustained break of 55 month EMA (now at 144.87) will dampen this view and could open up further rise back to 195.86 (2015 high).

Daily Pivots: (S1) 184.74; (P) 185.27; (R1) 185.56; More…

GBP/JPY’s fall from 188.63 accelerates lower today and breaks through 184.44 support. Current development argues that a medium term is in place on bearish divergence condition in D MACD. Fall from 188.63 is likely corrective whole rise from 148.93. Intraday bias is now on the downside for 23.6% retracement of 148.93 to 188.63 at 173.46 next. On the upside, above 185.78 minor resistance will turn intraday bias neutral and bring consolidations first. But risk will now stay on the downside as long as 188.63 resistance holds.

In the bigger picture, while a medium term top is in place at 188.63, there is no clear sign of long term bearish trend reversal yet. As long as 172.11 resistance turned support holds, price actions from 188.63 are seen as a corrective move only. Larger up trend from 123.94 (2022 low) could resume at a later stage.

Daily Pivots: (S1) 135.60; (P) 135.82; (R1) 136.16; More…

Intraday bias in GBP/JPY remains neutral at this point. Some consolidations could be seen above 135.17 temporary low first. Upside of recovery should be limited by 137.78 resistance to bring fall resumption. Break of 135.17 will resume the fall from 148.87 and target 131.51 low next.

In the bigger picture, current development suggests that GBP/JPY’s medium term fall from 156.59 (2018 high) is still in progress. Break of 131.51 will target 122.36 (2016 low). Structure of such decline is corrective looking so far, arguing that it’s just the second leg of consolidation from 122.36. Thus, we’d expect strong support from 122.36 to contain downside to bring reversal.

Daily Pivots: (S1) 177.93; (P) 178.66; (R1) 180.08; More…

GBP/JPY surges to as high as 180.83 so far today as current rally accelerates. Intraday bias stays on the upside at this point. Next target is 161.8% projection of 148.93 to 172.11 from 155.33 at 192.83. On the downside, below 178.11 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, up trend from 123.94 (2020 low) is extending. 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69 is already taken out. Sustained trading above there there will pave the way to 195.86 long term resistance (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) 144.08; (P) 145.30; (R1) 146.21; More…

Intraday bias in GBP/JPY remains on the downside for 143.18 support. Firm break there will resume larger decline from 156.59 and target 139.25/47 cluster support level. On the upside, break of 146.46 minor resistance is needed to indicate completion of the fall from 148.10. Otherwise, deeper decline will now be in favor in case of recovery.

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) 137.97; (P) 138.28; (R1) 138.69; More…

With 139.64 resistance intact, further decline is expected in GBP/JPY. Sustained break of 61.8% retracement of 131.51 to 148.87 at 138.14 will pave the way to retest 131.51 low. Though, considering loss of downside momentum as seen in 4 hour MACD, break of 139.64 resistance will indicate short term bottoming. In such case, stronger rebound and lengthier consolidation would be seen first, before more decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 135.43; (P) 135.85; (R1) 136.27; More…

GBP/JPY’s rebound from 133.03 is still in progress but fails to take out 136.46 resistance so far. Intraday bias remains neutral and further decline is in favor. On the downside, break of 133.03 will resume the fall from 142.71 and target 61.8% retracement of 123.94 to 142.71 at 131.11 next. However, firm break of 136.46 will indicate short term bottoming and turn bias back to the upside for stronger rebound.

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) 142.89; (P) 143.28; (R1) 143.51; More…

GBP/JPY’s rebound from 139.88 resumes after brief consolidation and reaches as high as 144.77 so far. Intraday bias is back on the upside for further rally. Sustained trading above 55 day EMA (now at 144.66) will bring further rise to 149.30 key resistance. On the downside, though, break of 142.81 will suggest that the rebound is completed and bring retest of 139.88 low.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the downside acceleration 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).

GBP/JPY surged to as high as 182.02 last week as up trend continued. Initial bias remains on the upside this week. Next target is 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 rally.

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.

In the longer term picture, rise from 122.75 (2016 low) in still in progress to retest 195.86 (2015 high). Based on current momentum, break of 195.86 is in favor. But strong resistance could still be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 (2011 low) at 199.80 to limit upside on first attempt.

Daily Pivots: (S1) 189.55; (P) 189.86; (R1) 190.17; More…..

GBP/JPY’s rally from 187.94 accelerates higher today and intraday bias stays on the upside. Decisive break of 191.29 will confirm resumption of larger up trend. Next near term target will be 61.8% projection of 178.32 to 191.29 from 187.94 at 195.95, which is close to 195.86 long term resistance. On the downside, below 189.51 minor support will delay the bullish case and turn intraday bias neutral first.

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) 164.36; (P) 166.24; (R1) 167.30; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 168.67. Downside of retreat should be contained by 162.88 minor support to bring rebound. Break of 168.67 will resume larger up trend and target 100% projection of 150.95 to 168.40 from 155.57 at 173.02. However, break of 162.88 will bring deeper fall back towards 155.57 support.

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 now remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 130.68; (P) 131.36; (R1) 132.04; More…

GBP/JPY recovers with 4 hour MACD crossed above signal line. But further fall is expected as long as 133.17 minor resistance holds. Corrective rebound from 123.94 should have completed and deeper fall would be seen back to retest this low. However, above 133.17 might extend the rebound to 61.8% retracement of 144.95 to 123.94 at 136.92.

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) 146.94; (P) 147.60; (R1) 148.15; More…

Intraday bias in GBP/JPY remains on the downside for 144.97 low. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next. On the upside, above 148.38 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 150.60 support turned resistance to bring another decline.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

GBP/JPY engaged in consolidation above 147.04 last week and outlook is unchanged. Initial bias remains neutral this week first. In case of stronger recovery, upside should be limited below 150.60 support turned resistance to bring fall resumption. Below 147.04 will target 144.97 first. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.94) 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.

GBP/JPY recovered after dipping to 152.88 last week. Initial bias remains neutral this week first. Outlook is unchanged that fall from 157.74 should be the third leg of the corrective pattern from 158.19. Deeper decline is expected as long as 155.38 minor resistance holds. Below 152.88 will target 148.94 support next. On the upside, above 155.38 minor resistance will flip bias back to the upside for 157.74/158.19 resistance zone instead.

In the bigger picture, price actions from 158.19 are currently 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.

In the longer term picture, as long as 55 month EMA (now at 147.03) holds, we’d still favor more rally to 61.8% retracement of 195.86 to 122.75 at 167.93. But sustained trading below 55 month EMA will at least neutralize medium term bullishness and re-open the chance of revisiting 122.75 low (2016 low).