Daily Pivots: (S1) 140.95; (P) 142.78; (R1) 143.89; More…

A temporary top is in place at 144.77 in GBP/JPY and intraday bias is turned neutral first. As long as 140.74 minor support holds, we’d holding on to the bullish view. That is, corrective fall from 148.42 has completed at 136.44 already. On the upside, above 144.77 will target 148.42 high first. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, however, below 140.74 will turn bias to the downside to extend the pattern from 148.42 with another falling leg, possibly through 136.44.

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

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.97; (P) 144.37; (R1) 144.76; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. As noted before, corrective fall from 148.42 has completed at 136.44 already. Break of 145.38 resistance will target a test on 148.42 high. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, below 140.74 will turn bias to the downside to extend the pattern from 148.42 with another falling leg.

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

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GBP/JPY’s rebound from 136.44 extended higher last week and the development suggests that corrective fall from 148.42 has completed at 136.44 already. Initial bias stays on the upside this week for retesting 148.42. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, below 140.74 will turn bias to the downside to extend the pattern from 148.42 with another falling leg.

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

In the longer term picture, while price actions from 122.36 would develop into a medium term correction, fall from 195.86 is still seen as resuming the down trend from 251.09 (2007 high). Hence, after the correction from 122.36 completes we’d expect another fall through 116.83 low.

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Daily Pivots: (S1) 143.20; (P) 143.86; (R1) 144.84; More…

Intraday bias in GBP/JPY remains on the upside as rebound from 136.44 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) 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) 141.31; (P) 141.90; (R1) 143.05; More…

The break of 142.16 support turned resistance suggests that corrective full from 148.42 has completed at 136.44. And, larger rise from 122.36 isn’t finished yet. Intraday bias is back on the upside for 145.38 first. Break will target retest of 148.42 high. On the downside, below 140.74 minor support will turn bias to the downside for 136.44. Break will extend the fall from 148.42 to 61.8% retracement of 122.36 to 148.42 at 132.31 and below.

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) 140.65; (P) 141.36; (R1) 141.98; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, firm break of 142.16 will indicate completion of the fall from 148.42. More importantly, this will suggest that such decline is merely a three wave correction and the rise from 122.36 isn’t completed. In such case, intraday bias will be turned to the upside for 148.42 and then 150.42 fibonacci level. Meanwhile, below 136.44 will target 61.8% retracement of 122.36 to 148.42 at 132.31 and below.

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) 141.23; (P) 141.65; (R1) 142.13; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, firm break of 142.16 will indicate completion of the fall from 148.42. More importantly, this will suggest that such decline is merely a three wave correction and the rise from 122.36 isn’t completed. In such case, intraday bias will be turned to the upside for 148.42 and then 150.42 fibonacci level. Meanwhile, below 136.44 will target 61.8% retracement of 122.36 to 148.42 at 132.31 and below.

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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GBP/JPY recovery strongly after dipping to 136.44 but upside is limited by 142.16 support turned resistance so far. Initial bias stays neutral this week first. Firm break of 142.16 will indicate completion of the fall from 148.42. More importantly, this will suggest that such decline is merely a three wave correction and the rise from 122.36 isn’t completed. In such case, intraday bias will be turned to the upside for 148.42 and then 150.42 fibonacci level. Meanwhile, below 136.44 will target 61.8% retracement of 122.36 to 148.42 at 132.31 and below.

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.

In the longer term picture, while price actions from 122.36 would develop into a medium term correction, fall from 195.86 is still seen as resuming the down trend from 251.09 (2007 high). Hence, after the correction from 122.36 completes we’d expect another fall through 116.83 low.

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Daily Pivots: (S1) 140.66; (P) 141.41; (R1) 142.48; More…

Intraday bias in GBP/JPY remains neutral for the moment with a temporary low in place at 136.44. Deeper decline is still expected with 142.16 support turned resistance intact. Whole corrective rise from 122.36 could have completed at 148.42. Below 136.44 will target 61.8% retracement of 122.36 to 148.42 at 132.31 and below. Though, above 142.16 will turn focus back to 148.42 high instead.

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 by 38.2% retracement of 195.86 to 122.36 at 150.4 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.

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Daily Pivots: (S1) 139.56; (P) 140.12; (R1) 141.10; More…

Intraday bias in GBP/JPY remains neutral for the moment with a temporary low in place at 136.44. Deeper decline is still expected with 142.16 support turned resistance intact. Whole corrective rise from 122.36 could have completed at 148.42. Below 136.44 will target 61.8% retracement of 122.36 to 148.42 at 132.31 and below. Though, above 142.16 will turn focus back to 148.42 high instead.

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 by 38.2% retracement of 195.86 to 122.36 at 150.4 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.

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Daily Pivots: (S1) 136.57; (P) 137.36; (R1) 138.26; More…

A temporary low is in place at 136.44 and intraday bias in turned neutral first. Deeper decline is still expected with 142.16 support turned resistance intact. Whole corrective rise from 122.36 could have completed at 148.42. Below 136.44 will target 61.8% retracement of 122.36 to 148.42 at 132.31 and below. Though, above 142.16 will turn focus back to 148.42 high instead.

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 by 38.2% retracement of 195.86 to 122.36 at 150.4 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.

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Daily Pivots: (S1) 136.57; (P) 137.36; (R1) 138.26; More…

Intraday bias in GBP/JPY remain son the downside for the moment. Current downside acceleration and break of 38.2% retracement of 122.36 to 148.42 at 138.46 suggests that whole corrective rise from 122.36 has completed at 148.42. Deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 142.16 support turned resistance is needed to indicate completion of such decline. Otherwise, outlook will stay bearish in case of recovery.

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 by 38.2% retracement of 195.86 to 122.36 at 150.4 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.

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Daily Pivots: (S1) 138.89; (P) 139.73; (R1) 140.39; More…

GBP/JPY’s decline from 148.20 accelerated by breaking the channel line decisively. 38.2% retracement of 122.36 to 148.42 at 138.46 was also taken out firmly. The development suggests that whole corrective rise from 122.36 has completed at 148.42. Intraday bias stays on the downside for 61.8% retracement at 132.31 and below. On the upside, break of 142.16 support turned resistance is needed to indicate completion of such decline. Otherwise, outlook will stay bearish in case of recovery.

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 by 38.2% retracement of 195.86 to 122.36 at 150.4 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.

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GBP/JPY’s fall from 148.42 resumed last week and initial bias stays on the downside this week for 38.2% retracement of 122.36 to 148.42 at 138.46. Sustained trading below 138.46 will affirm the case that corrective rise from 122.36 has completed at 148.42 already. In that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 142.16 support turned resistance will turn bias to the upside for 145.38 resistance and above.

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 by 38.2% retracement of 195.86 to 122.36 at 150.4 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.

In the longer term picture, while price actions from 122.36 would develop into a medium term correction, fall from 195.86 is still seen as resuming the down trend from 251.09 (2007 high). Hence, after the correction from 122.36 completes we’d expect another fall through 116.83 low.

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Daily Pivots: (S1) 138.61; (P) 139.80; (R1) 140.68; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.42 short term top is in progress. Further decline should be seen to 38.2% retracement of 122.36 to 148.42 at 138.46. As note before, rise from 122.36 is seen as a corrective move. Sustained trading below 138.46 and downside acceleration will indicate that such correction is finished too. And in that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 142.16 support turned resistance is needed to indicate completion of the fall from 148.42. Otherwise, near term outlook stays bearish in case of recovery.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Price actions from there are expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 140.07; (P) 140.77; (R1) 141.60; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.42 short term top is in progress. Further decline should be seen to 38.2% retracement of 122.36 to 148.42 at 138.46. As note before, rise from 122.36 is seen as a corrective move. Sustained trading below 138.46 and downside acceleration will indicate that such correction is finished too. And in that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 145.38 resistance is needed to confirm completion of the fall from 148.42. Otherwise, near term outlook stays bearish in case of recovery.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Price actions from there are expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 140.23; (P) 140.84; (R1) 141.51; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.42 short term top is in progress. Further decline should be seen to 38.2% retracement of 122.36 to 148.42 at 138.46. As note before, rise from 122.36 is seen as a corrective move. Sustained trading below 138.46 and downside acceleration will indicate that such correction is finished too. And in that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 145.38 resistance is needed to confirm completion of the fall from 148.42. Otherwise, near term outlook stays bearish in case of recovery.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Price actions from there are expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 140.18; (P) 142.01; (R1) 142.99; More…

GBP/JPY’s fall from 148.42 resumed by taking out 142.16 and reaches as low as 140.60 so far. The development confirms short term topping at 148.42 too. Intraday bias is back on the downside for 38.2% retracement of 122.36 to 148.42 at 138.46. As note before, rise from 122.36 is seen as a corrective move. Sustained trading below 138.46 and downside acceleration will indicate that such correction is finished too. And in that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 145.38 resistance is needed to confirm completion of the fall from 148.42. Otherwise, near term outlook stays bearish in case of recovery.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Price actions from there are expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 143.02; (P) 143.53; (R1) 144.10; More…

Intraday bias in GBP/JPY remains neutral for the moment. Rise from 122.36 is seen as a corrective move. Below 142.16 will affirm the case that it’s completed at 148.42. In that case, intraday bias will be turned to the downside for 55 day EMA (now at 140.62) and below. Break of 148.42 will extend the rise from 122.36. But we’d expect strong resistance from 150.43 long term fibonacci level to limit upside.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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