Daily Pivots: (S1) 133.23; (P) 133.89; (R1) 135.00; More…

GBP/JPY’s rise from 129.27 continues today and intraday bias stays on the upside for 135.74 resistance. Break will will resume whole rise from 123.94 for 61.8% projection of 123.94 to 135.74 from 129.27 at 136.56. On the downside, below 131.77 minor support will turn bias to the downside for 129.27 support instead.

In the bigger picture, overall, price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. Current development suggests that it might extend with another rising leg. But still, an eventual downside break out is expected as long as 147.95 resistance holds. Firm break of 122.75 will resume larger down trend from 195.86 (2015 high).

Daily Pivots: (S1) 145.52; (P) 145.73; (R1) 146.08; More…

Intraday bias in GBP/JPY is turned neutral with the current recovery. Focus is back on 146.51 minor resistance. Break there will argue that pull back from 149.30 has completed. And, intraday bias will be turned back to the upside for this resistance. ON the downside, below 145.25 will target 143.18/76 support zone.

In the bigger picture, decline from 156.59 is seen as 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.

GBP/JPY extended the corrective pattern from 158.19 last week and outlook is unchanged. Initial bias remains neutral this week first. In case of deeper pull back, 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.

In the longer term picture, GBP/JPY could have set up a long term up trend already with break of 156.69 resistance, and the stay above 55 month EMA. Current rise from 122.75 could target a test on 195.86 (2015 high).

Daily Pivots: (S1) 150.94; (P) 151.29; (R1) 151.85; More…

GBP/JPY recovered ahead of 150.48 resistance turned support and intraday bias is turned neutral first. We’re holding on to the view that corrective rise from 144.97 should have completed at 153.84 already. Hence, another fall is expected in the cross. Break of 150.60 will target 148.37 support first. Break will bring retest of 144.97 low.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 164.78; (P) 165.10; (R1) 165.56; More…

GBP/JPY’s up trend continues today and hits as high as 166.38 so far. Intraday bias remains on the upside for 61.8% projection of 150.96 to 164.61 from 159.02 at 167.46 (which is close to 167.93 long term fibonacci level). Break will pave the way to 100% projection at 172.68. On the downside, below 164.61 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 still in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93. Sustained break there will be a long term bullish signal, and could pave the way back to 195.86. This will now remain the favored case as long as 150.95 support holds.

Daily Pivots: (S1) 132.62; (P) 133.25; (R1) 134.49; More…

GBP/JPY failed to break through 131.98 minor resistance despite recovery. Intraday bias remains neutral first and further fall is in favor. On the downside, break 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. Nevertheless, firm break of 133.98 will now indicate short term bottoming and turn bias back to the upside for 136.34 resistance first.

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) 134.49; (P) 134.75; (R1) 134.94; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 133.85 temporary low. Upside of recovery should be limited by 136.05 resistance to bring fall resumption. Break of 133.85 will extend the decline from 148.87 to retest 131.51 low. Though, break of 136.05 will indicate short term bottoming and bring stronger rebound to 137.78 resistance.

In the bigger picture, 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) 160.62; (P) 162.18; (R1) 163.24; More…

Intraday bias in GBP/JPY remains neutral as range trading continues. Consolidation from 168.67 could still extend further. Break of 166.31 resistance will be the first sign of up trend resumption. meanwhile, break of 159.42 will bring deeper fall towards 155.57 support next.

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) 185.52; (P) 185.99; (R1) 186.41; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Firm break of 184.67 minor support will suggests that deeper pull back in underway to 55 D EMA (now at 180.44). Nevertheless, break 186.45 will resume larger up trend to 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20.

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will now remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

Daily Pivots: (S1) 206.68; (P) 207.25; (R1) 208.34; More…

GBP/JPY’s steep decline and strong break of 206.12 support suggest that a short term top is formed at 208.09, on bearish divergence condition in 4H MACD. While deeper decline cannot be ruled out, downside should be contained by 38.2% retracement of 191.34 to 208.09 at 201.69 to bring rebound, and set the range of consolidations below 208.09.

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 200.72 resistance turned support holds, even in case of deep pullback.

Daily Pivots: (S1) 147.05; (P) 147.65; (R1) 148.31; More…

Intraday bias in GBP/JPY remains on the upside at this point. Current rally from 131.51 should target 149.48 resistance next. Decisive break there will pave the way to 156.95 key resistance next. On the downside, below 146.98 minor support will turn intraday bias neutral for consolidation first. In case of deeper pull back, downside should be contained by 141.00/144.84 support zone to bring rally resumption.

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.

Daily Pivots: (S1) 151.83; (P) 152.31; (R1) 153.08; More…

GBP/JPY’s break of 152.52 resistance indicate resumption of whole up trend from 123.94. Intraday bias stays on the upside for 156.59 long term resistance next. On the downside, below 151.16 minor support will turn intraday bias neutral. But outlook will stay bullish as long as 148.50 support holds.

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) 131.54; (P) 132.39; (R1) 132.84; More…

Intraday bias in GBP/JPY remains on the downside at this point. Fall from 139.73 should target 129.27 support. Decisive break there will confirm completion of rebound from 123.94 at 139.73. Deeper fall would be seen to retest 123.94 low. On the upside, break of 133.50 minor resistance will turn intraday bias neutral first. But further decline will remain in favor as long as 136.34 resistance holds.

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) 140.65; (P) 141.42; (R1) 141.88; More…

Focus is now on 140.31 support in GBP/JPY with today’s fall. Decisive break there should confirm short term topping at 142.34. Considering bearish divergence condition in 4 hour MACD, that would also be an early sign of reversal, after rejection by 142.71 key resistance. Intraday will will be turned back to the downside for 139.96 support next.

In the bigger picture, rise from 123.94 is seen 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) 132.93; (P) 134.00; (R1) 134.64; More…

Intraday bias in GBP/JPY remains neutral for the moment. Corrective rebound from 123.94 might not be over. But in case of another rise, we’d strong resistance from 61.8% retracement of 144.95 to 123.94 at 136.92 to limit upside. But sustained break of 135.74 will pave the way to 144.95 resistance next. On the downside, break of 131.90 will turn bias back to the downside for retesting 123.94 low.

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) 148.08; (P) 149.27; (R1) 150.05; More…

Intraday bias in GBP/JPY is turned neutral with current deep retreat. Some consolidations could be seen below 150.39 temporary top. Further rise is still expected as long as 127.48 resistance turned support holds. Break of 129.96 will target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next.

In the bigger picture, rise from 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). With 147.95 resistance taken out, further rally would now be seen to 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) 176.76; (P) 177.09; (R1) 177.74; More…

GBP/JPY’s rally continues today and accelerates to as high as 178.83 so far. 100% projection of 148.93 to 172.11 from 155.33 at 178.51 is already met but there is no sign of topping yet. Intraday bias remains on the upside for the moment. Sustained break of 178.69 (as mentioned below) will carry larger bullish implication, and target 161.8% projection of 148.93 to 172.11 from 155.33 at 192.83 next. On the downside, though, break of 176.42 minor support will turn intraday bias neutral first.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. Sustained break 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) 133.82; (P) 134.25; (R1) 134.56; More…

At this point, rebound from 131.68 is still mildly in favor to extend higher. Firm break of 136.34 resistance should confirm completion of pull back from 139.73 and bring retest of this high. On the downside, 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.

GBP/JPY edged higher to 152.52 last week but retreated since then. Breach of 150.76 minor support suggests short term topping, on bearish divergence condition in 4 hour MACD, after hitting medium term channel resistance. Intraday bias is mildly on the downside this week for pull back. But downside should be contained by 148.09 cluster support ( 23.6% retracement of 133.03 to 152.52 at 147.92) to bring rebound. For now, risk will stay mildly on the downside for more pull back as long as 152.52 holds, in case of recovery.

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.

In the longer term picture, the strong break of 55 months EMA (now at 143.95) is a early sign of long term bullish reversal. Firm break of 156.69 resistance should now confirm the start of an up trend for 195.86 (2015 high).

GBP/JPY’s decline from 148.87 accelerated to as low as 139.54 last week. Initial bias stays on the downside this week for61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 140.79 minor resistance will turn intraday bias again and bring consolidations, before staging another 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.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.