Daily Pivots: (S1) 124.67; (P) 127.12; (R1) 129.84; More…

A temporary low is formed at 123.94 in GBP/JPY and intraday bias is turned neutral first. Further fall is expected as long as 130.54 resistance holds. Break of 123.94 will extend larger decline to 122.75 long term support next. Nevertheless, break of 130.54 will indicate short term bottoming and turn outlook neutral for lengthier consolidations.

In the bigger picture, current development suggests that 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) 183.32; (P) 183.61; (R1) 183.99; More…

Intraday bias in GBP/JPY stays mildly on the upside at this point. Current up trend should target 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36. On the downside, break of 182.12 minor support will turn bias back to the downside for deeper pull back first.

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.

Daily Pivots: (S1) 161.55; (P) 162.30; (R1) 163.38; More…

Range trading continues in GBP/JPY and intraday bias remains neutral first. 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) 142.99; (P) 144.36; (R1) 145.54; More…

GBP/JPY turned sideway after reaching as low as 143.18. But there is no sign of bottoming yet. Intraday bias stays on the downside. Current falls should target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next. Break there will target key cluster level at 139.29. On the upside, break of 147.04 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

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) 154.54; (P) 154.96; (R1) 155.24; More…

GBP/JPY is still staying in consolidation from 156.05 and intraday bias remains neutral. Further rise is in favor with 153.81 support intact. On the upside, break of 156.05 will resume larger up trend for 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, firm break of 153.81 will indicate short term topping and turn bias back to the downside for deeper pull back, to 55 day EMA (now at 153.00) first.

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) 133.50; (P) 134.12; (R1) 134.42; More…

GBP/JPY’s break of 132.40 support suggests that corrective rebound from 135.47 has completed. Intraday bias is turned back to the downside for retesting 123.94 low. Decisive break of 122.75/123.94 support zone will resume larger down trend. On the upside, 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) 132.47; (P) 133.01; (R1) 133.30; More…

Outlook in GBP/JPY is unchanged and intraday bias stays neutral first. Corrective rebound from 123.94 could have already completed at 135.74 already. On the downside, break of 131.90 will resume the fall from 135.74 and target a retest on 123.94 low. On the upside, 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) 138.78; (P) 139.87; (R1) 140.86; More…

GBP/JPY drops to as low as 139.59 so far and intraday bias remains on the downside for 139.29/47 key support zone. Decisive break there will carry larger bearish implication. On the upside, above 141.17 support turned resistance will turn intraday bias neutral first. But near term outlook will stay bearish as long as 143.93 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) 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) 138.58; (P) 139.33; (R1) 140.59; More…

GBP/JPY’s fall accelerates to as low as 137.44 so far today. 139.29 key support is firmly taken out with no sign of bottoming yet. Intraday bias remains on the downside for 135.43 long term fibonacci level next. On the upside, break of 140.93 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

In the bigger picture, firm break of 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) confirms completion of up trend from 122.36 (2016 low) at 156.59. Outlook is now turned bearish for 61.8% retracement at 135.43 first. Sustained break will pave the way back to 122.36 low.

Daily Pivots: (S1) 143.90; (P) 144.32; (R1) 144.59; More…

Intraday bias in GBP/JPY stays on the downside for 143.18 key support. Deceive break there will resume larger decline from 156.59 and target 139.29/47 key support level next. On the upside, 144.72 minor resistance will turn intraday bias neutral first. But outlook will stay mildly bearish as long as 147.13 resistance holds.

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.

Daily Pivots: (S1) 132.13; (P) 134.78; (R1) 136.97; More…

Intraday bias in GBP/JPY is turned neutral with today’s recovery. Some consolidations could be seen but upside should be limited by 138.68 resistance to bring another decline. Below 132.57 will extend the fall from 147.95 to retest 126.54 low. Nevertheless, break of 138.68 will indicate short term bottoming and bring stronger rebound back to 140.92/144.95 resistance zone.

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 edged lower to 131.68 last week but recovered since then. Initial bias is neutral this week and consolidation might extend. Further decline is expected and 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.

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 145.07) will dampen this view and could open up further rise back to 195.86 (2015 high).

Daily Pivots: (S1) 145.23; (P) 145.84; (R1) 146.70; More…

GBP/JPY is staying in consolidation below 148.87 and intraday bias remains neutral. On the downside, decisive break of 143.72 support will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next.

In the bigger picture, focus is now staying on 149.98 key resistance. Decisive break there should confirm that that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 199.96; (P) 200.46; (R1) 201.08; More…

Intraday bias in GBP/JPY is back on the upside as up trend resumes. Next target is 61.8% projection of 191.34 to 200.72 from 197.18 at 202.97. On the downside, below 199.92 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, as long as 188.63 resistance turned support holds, long term up trend is expected to continue. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62.

Daily Pivots: (S1) 149.51; (P) 150.89; (R1) 151.59; More…

Intraday bias in GBP/JPY remains on the downside for 148.37 support first. Current fall from 153.84 is seen as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, break of 152.71 resistance is needed to indicate completion of the decline. Otherwise, near term outlook will remain cautiously bearish in case of recovery.

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.

GBP/JPY’s sharp decline last week suggests rejection by 149.70 resistance. Initial bias remains on the downside this week for 142.76 support first. Sustained break there will bring retest of 139.39/47 key support zone. On the upside, above 145.59 support turned 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.

In the longer term picture, 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 (116.83 as 2011 low).

GBP/JPY’s decline from 156.59 resumed last week and reached as low as 144.97. Initial bias remains on the downside this week for 143.51 medium term fibonacci level next. On the upside, above 147.47 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 150.92 resistance holds, in case of recovery.

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.

In the longer term picture, rejection from 55 month EEMA (now at 154.20) argues that medium term rebound from 122.36 might be completed. And, the corrective structure also carries some bearish implication today. Sustained break of 135.58 key support will likely bring retest of 122.36 low, with prospect of resuming the long term down trend from 195.86 (2015 high).

GBP/JPY dropped sharply to as low as 142.76 last week. The development confirmed completion of the rise from 139.88 at 149.77. Initial bias remains on the downside this week for 142.59 support. Break there will bring retest of 139.88 low. On the upside, above 145.03 will turn intraday 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) 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.

In the longer term picture, 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 (116.83 as 2011 low).

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

GBP/JPY’s decline accelerates to as low as 145.94 so far after breaking 147.04. Fall from 153.84 has resumed and intraday bias 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 147.04 will turn intraday bias neutral and bring recovery. But upside should be limited well below 149.99 to bring fall 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) 146.73; (P) 147.06; (R1) 147.71; More…

GBP/JPY’s rally is still in progress and intraday bias remains on the upside for 147.95 structural resistance. Sustained break there will carry larger bullish implications. Rise from 123.94 should then target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. On the downside, below 146.60 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, rise from 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). Break of 147.95 will target 156.59 resistance (2018 high). On the downside, break of 133.03 support is needed to confirm completion of the rise from 123.94. Otherwise, further rise will remain in favor even in case of pull back.