Daily Pivots: (S1) 149.77; (P) 150.08; (R1) 150.61; More…

No change in GBP/JPY’s outlook. Correction from 153.39 is still in progress and could extend lower. But downside should be contained by 148.50 support to bring rebound. On the upside, break of 151.95 will argue that larger rally is ready to resume, and bring retest of 153.39 high first. However, firm break of 148.50 will bring deeper correction to channel support (now at 143.31).

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. 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) 136.51; (P) 137.41; (R1) 139.00; More…

Intraday bias in GBP/JPY remains mildly on the upside as rebound from 131.51 short term bottom is extending. Strong resistance should be seen at 139.88 key resistance to limit upside. On the downside, break of 135.66 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 133.50; (P) 134.12; (R1) 134.42; More…

Intraday bias in GBP/JPY stays neutral at this point. On the downside, break of 132.40 minor support will suggest completion of corrective rebound from 123.94. Intraday bias will be turned back to the downside for retesting 123.94 low. In case of another rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring near term reversal.

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) 205.21; (P) 205.83; (R1) 206.67; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Firm break of 100% projection of 191.34 to 200.72 from 197.18 at 206.56 will target 138.2% projection at 210.17. On the downside, below 204.97 minor support will turn bias to the downside for deeper pull back.

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 197.18 support holds, even in case of deep pullback.

Daily Pivots: (S1) 139.43; (P) 140.07; (R1) 141.14; More…

GBP/JPY attempts to resume the rebound from 131.51 but cannot sustain above 139.88 resistance so far. Intraday bias remains neutral first. Sustained trading above 139.88 will dampen our bearish view and bring stronger rise to 143.93 resistance next. Nevertheless, reversal from current level, followed by 137.35 support will confirm completion of rebound from 131.51. Intraday bias will be turned back to the downside for retesting 131.51 low.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 138.09; (P) 138.56; (R1) 138.83; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.87 is still in progress. 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) 146.28; (P) 147.06; (R1) 147.46; More…

GBP/JPY is staying in range of 145.82/148.10 and intraday bias remains neutral first. On the upside, above 148.10 will resume the rebound from 143.18 and target 149.99, and then 153.84 resistance. However, break of 145.82 minor support will argue that the rebound from 143.18 is completed and bring retest of this low.

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) 188.89; (P) 189.21; (R1) 189.59; More…

Intraday bias in GBP/JPY remains neutral and some more consolidation could be seen below 190.05. Further rally is expected with 187.83 minor support intact. Break of 190.05 will target 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. However, break of 187.83 will turn bias to the downside for deeper correction back to 185.21 support instead.

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) 184.82; (P) 185.29; (R1) 185.98; More…

GBP/JPY is staying in tight range despite today’s dip and intraday bias remains neutral. Further rally is in favor as long as 182.73 minor support holds. Corrective pull back from 188.63 should have completed. Above 186.14 will resume the rebound from 178.32 to retest 188.63.

In the bigger picture, price actions from 188.63 medium term top are seen as a correction to the up trend from 148.93 (2022 low) only. As long as 172.11 resistance turned support holds, larger up trend from 123.94 (2020 low) is still in favor to resume through 188.63 at a later stage.

Daily Pivots: (S1) 146.58; (P) 147.31; (R1) 148.46; More…

Intraday bias in GBP/JPY remains neutral at this point. Current rise from 131.51 should target 149.48 key resistance next. On the downside, break of 146.16 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.

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 149.48 will pave the way to 156.59 resistance and above.

Daily Pivots: (S1) 188.48; (P) 189.36; (R1) 190.49; More…..

GBP/JPY recovered after dipping to 188.22 and intraday bias is turned neutral first. On the downside, below 188.22 will resume the decline from 191.29 to 38.2% retracement of 178.32 to 191.29 at 186.33. Sustained break there will raise the chance of larger reversal and target 61.8% retracement at 183.27. On the upside, though, firm break of 55 4H EMA (now at 189.96) will retain near term bullishness and bring retest of 191.29 high.

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) 143.03; (P) 144.40; (R1) 145.51; More…

GBP/JPY’s rebound from 141.15 resumed after brief retreat. Intraday bias is turned back to the upside for retesting 147.95 high. On the downside, break of 142.42 minor support will turn bias to the downside for 141.15 and then 38.2% retracement of 126.54 to 147.95 at 139.77.

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. Rejection from there will extend long term range trading. Decisive break of 156.69 will carry long term bullish implications.

Daily Pivots: (S1) 141.15; (P) 142.40; (R1) 143.57; More…

GBP/JPY recovers today but with 142.97 minor resistance intact, intraday bias stays on the downside for 139.29/47 key support zone. On the upside, above 142.97 minor resistance will turn bias neutral and bring consolidation first, before staging another decline.

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) could 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) 148.55; (P) 149.32; (R1) 150.11; More

We’re slightly favoring the case that fall from 151.92 is extending as the third leg of the correction pattern from 152.82. Intraday bias stays on the downside for 146.92 support and below. 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) 179.73; (P) 180.74; (R1) 182.48; More…

Intraday bias in GBP/JPY stays neutral for the moment, and range trading could continue above 178.32. Further decline is expected as long as 184.15 resistance holds. On the downside, break of will resume the decline from 188.63 and target 38.2% retracement of 148.93 to 188.63 at 173.46. However, decisive break of 184.15 will argue that pull back from 188.63 has completed and bring retest of this high.

In the bigger picture, price actions from 188.63 medium term top are currently seen as a correction to the up trend from 148.93 (2022 low) only. As long as 172.11 resistance turned support holds, larger up trend from 123.94 (2020 low) is still in favor to resume through 188.63 at a later stage.

Daily Pivots: (S1) 196.27; (P) 196.82; (R1) 197.70; More..

GBP/JPY is extending consolidation from 200.53 and intraday bias remains neutral. Outlook will remain bullish as long as 193.51 resistance turned support holds. Firm break of 200.53 will resume larger up trend.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low). Sustained break of 61.8% projection of 155.33 to 188.63 from 178.32 at 198.89 will pave the way to 100% projection at 211.65. Break of 189.97 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

Daily Pivots: (S1) 141.91; (P) 142.49; (R1) 142.87; More…

A temporary low is formed at 141.15 and intraday bias in GBP/JPY is turned neutral first. On the downside, break of 141.15 will extend the correction from 147.95 to 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 143.05 minor resistance will turn bias to the upside for retesting 147.95 high instead.

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. Rejection from there will extend long term range trading. Decisive break of 156.69 will carry long term bullish implications.

GBP/JPY rose to 163.73 last week but retreated since then. Initial bias is neutral this week first. For now, the favored case is that correction from 172.11 has completed at 155.33 already. Above 163.73 will resume the rise from 155.33 to 169.26/172.11 resistance zone. However, break of 160.44 minor support will dampen this case and bring retest of 155.33 low instead.

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.

In the longer term picture, as long as 55 month EMA (now at 152.76) holds, rise from 122.75 could still extend higher at a later stage to 195.86 (2015 high).

GBP/JPY’s correction from 172.11 extended lower last week, but bias would stay neutral first. Strong rebound from current level, followed by break of 166.06 minor support will turn bias back to the upside for retesting 172.11 high. However, sustained trading below 38.2% retracement of 148.93 to 172.11 at 163.25 will bring deeper decline to 61.8% retracement at 157.78 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 123.94 (2020 low) could still resume through 172.11 high at a later stage. However, firm break of 159.71 support will argue that it’s already in correction to the up trend from 123.94, and deeper decline would be seen back towards 148.93 support.

In the longer term picture, as long as 55 month EMA (now at 151.88) holds, rise from 122.75 could still extend higher at a later stage. Next target is 195.86 (2015 high).

Daily Pivots: (S1) 171.49; (P) 171.83; (R1) 172.45; More…

Intraday bias in GBP/JPY stays neutral as it’s staying in range below 172.30. On the upside, break of 172.30 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, firm break of 167.82 support should confirm short term topping, and turn bias back to the downside for deeper pull back to 165.40 support and possible below instead.

In the bigger picture, focus stays on 172.11 resistance (2022 high). Decisive break there will resume whole up trend from 123.94 (2020 low). Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. Nevertheless, firm break of 165.40 support will indicate rejection by 172.11 and extend the corrective pattern from there with another falling leg.