Daily Pivots: (S1) 187.07; (P) 187.78; (R1) 188.42; More…

GBP/JPY is extending the consolidation pattern from 188.90 and intraday bias stays neutral. Further rally is expected as long as 186.14 resistance turned support holds. On the upside, break of 188.90, and sustained trading above 188.63 will confirm up trend resumption. Next target is 38.2% projection of 155.33 to 188.63 from 178.32 at 191.04. However, break of 186.14 will turn bias to the downside for deeper pullback.

In the bigger picture, up trend from 123.94 (2020 low) in 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) 142.38; (P) 142.94; (R1) 143.84; More…

GBP/JPY is staying in consolidation from 144.84 and intraday bias remains neutral. resistance at around 147.23. We’d expect strong resistance from there 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) 132.72; (P) 133.17; (R1) 133.54; More…

Intraday bias in GBP/JPY remains neutral at this point. As long as 136.34 resistance holds, further decline is still expected. On the downside, below 131.68 will extend the fall from1 139.73 to 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) are seen 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) 150.90; (P) 151.88; (R1) 152.42; More…

GBP/JPY’s break of 151.39 minor support argues that rebound from 149.16 has completed at 152.82, well ahead of 153.42 resistance. Intraday bias is back on the downside for 148.43/149.16 support zone. Decisive break there will resume whole decline from 156.05 high, and carry larger bearish implications. On the upside, though, break of 152.82 will resume the rebound to 153.42 near term structural resistance.

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) 149.53; (P) 150.14; (R1) 151.05; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, above 150.92 minor resistance will turn bias back to the upside for 152.54. 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 13.78 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) 147.23; (P) 147.73; (R1) 148.22; More….

GBP/JPY’s rebound from 144.97 resumes today by breaking 149.36 and hits as high as 149.67 so far. Intraday bias is mildly on the upside for further rally. Nonetheless, such rebound is viewed as a corrective move. Hence, we’d expect strong resistance from 150.92 (50% retracement of 156.59 to 144.97 at 150.78) to bring fall resumption. On the downside, below 147.03 will bring retest of 144.97 low first. Break will extend the decline from 156.59 to 143.51 medium term fibonacci level next. However, sustained break of 150.92 will pave the way back to retest 156.69 high.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.

Daily Pivots: (S1) 143.62; (P) 145.78; (R1) 147.30; More…

Intraday bias in GBP/JPY remains on the downside for 142.76 support. Break there will bring further fall to 139.29/47 key support zone next. On the upside, break of 145.99 minor resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.

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) 141.66; (P) 142.19; (R1) 142.68; More

GBP/JPY recovers further today but stays below 144.01 support turned resistance. Intraday bias remains neutral with bearish near term outlook. Below 141.24 will extend the fall from 147.76 to 138.65 support and below. 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 144.01 will indicate completion of the decline from 147.76 and turn bias back to the upside.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. But 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 still 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) 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.

Daily Pivots: (S1) 152.12; (P) 152.93; (R1) 154.53; More…

Intraday bias in GBP/JPY is turned neutral with the strong rebound from 151.28. Correction from 156.05 could still extend lower. Below 151.28 will target 38.2% retracement of 136.96 to 156.05 at 148.75. We’d expect strong support from there to bring rebound. On the upside, sustained break of 154.10 support turned resistance should argue that the correction has completed. Intraday bias will be turned back to the upside for retesting 156.05 high.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus is now on 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 149.03 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) 136.67; (P) 137.21; (R1) 137.97; More…

GBP/JPY’s decline from 147.95 accelerates to as low as 132.92 so far. 61.8% retracement of 126.54 to 147.95 from 134.71 is already met and there is no sign of bottoming yet. Intraday bias remains on the downside and sustained trading below 134.71 will pave the way back to 126.54 low. On the upside, break of 138.68 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, rejection by 148.87 resistance argues that rise from 126.54 is probably just third leg of the consolidation pattern from 122.75 (2016 low). Medium term outlook is turned neutral first. Break of 126.54 support would resume larger down trend from 195.86 (2015 high) through 122.75 low.

GBP/JPY rose further last week but failed to break through 168.67 resistance. Initial bias remains neutral this week first. On the upside, decisive break of 168.67 resistance will resume larger up trend. Next near term target is 100% projection of 155.57 to 168.67 from 159.97 at 173.07. On the downside, below 164.45 minor support will turn bias back to the downside for 159.97 support instead.

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.

In the longer term picture, rise from 122.75 could be the third leg the the pattern from 116.83 (2011 low). Further rise will remain in favor as long as 55 month EMA (now at 149.32) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the way to 195.86 (2015 high).

Daily Pivots: (S1) 146.08; (P) 146.86; (R1) 147.47; More…

GBP/JPY is staying in consolidation from 144.97. Intraday bias remains neutral first. In case of stronger recovery, upside should be limited below 150.92 resistance and bring fall resumption. On the downside, break of 144.97 will extend the fall from 156.69 to 143.51 medium term fibonacci level next. We’ll look for bottoming signal there. But firm break will target 139.29 support.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.

Daily Pivots: (S1) 135.86; (P) 136.17; (R1) 136.65; More…

GBP/JPY recovered after drawing support from 4 hour 55 EMA but stays below 136.62 temporary top. Intraday bias remains neutral first. Further rally will remain in favor as long as 134.12 support holds. On the upside, break of 136.62 will resume the rebound from 131.68 to 139.73 high. Nevertheless, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this 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.

Daily Pivots: (S1) 184.59; (P) 185.25; (R1) 185.64; More…

Intraday bias in GBP/JPY remains neutral as consolidation form 185.94 temporary top is extending. In case of deeper retreat, downside should be contained above 182.71 support. On the upside, above 0.8594 will resume the rebound from 178.02 to retest 186.76 resistance first. Decisive break there will resume larger up trend.

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 bring lengthier and deeper consolidations.

Daily Pivots: (S1) 148.57; (P) 149.15; (R1) 149.54; More…

GBP/JPY’s sharp fall and break of 148.16 minor support suggests that corrective recovery from 147.04 has completed at 149.99 already, ahead of 150.06 resistance as expected. Intraday bias is back on the downside for 147.04 first and then 144.97. Decisive break of 144.97 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 case of another rise, we’d continue to expect strong resistance below 150.60 support turned resistance to bring decline resumption.

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.

Daily Pivots: (S1) 140.14; (P) 140.49; (R1) 140.89; More

With 143.18 minor resistance intact, fall from 147.76 is still progress for 138.65 support first. Break there will extend the decline to 135.58 key support level. At this point, price actions from 148.42 are seen as a sideway consolidation pattern. Hence, we’ll expect strong support from 135.58 to contain downside and bring rebound. Nonetheless, break of 143.18 resistance is needed to indicate short term bottoming first. Otherwise, near term outlook will remain bearish in case of recovery.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. 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 still 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) 144.13; (P) 145.26; (R1) 146.39; More…

Intraday bias in GBP/JPY remains neutral first. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next. On the downside, though, break of 143.72 support will indicate near term reversal and turn outlook bearish for 141.00 support.

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 in 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 149.48 will pave the way to 156.59 resistance and above. However, firm break of 141.00 support will dampen this view and turn focus back to 131.51 low instead.

Daily Pivots: (S1) 153.64; (P) 154.04; (R1) 154.54; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. Current up trend from 123.94 should target 156.69 long term resistance first. Firm break there will carry larger bullish implications. Next target will be 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, below 153.12 minor support will turn intraday bias neutral and bring consolidations first.

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) 142.21; (P) 142.80; (R1) 143.36; More…

GBP/JPY is staying in the corrective pattern from 147.95 and outlook is unchanged. Break of 140.83 will bring deeper fall to 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 144.60 resistance will bring stronger rebound to retest 147.95 high.

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.