Daily Pivots: (S1) 137.49; (P) 137.83; (R1) 138.17; More…

Intraday bias in GBP/JPY remains neutral and consolidation from 136.55 might extend. Upside should be limited by 38.2% retracement of 146.50 to 136.55 at 140.35 to bring fall resumption. On the downside, break of 136.55 will turn bias to the downside and extend the fall from 148.87 to 131.51 low.

In the bigger picture, current development suggests that GBP/JPY’s 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) 152.36; (P) 152.92; (R1) 153.43; More…

Further rise is still in favor in GBP/JPY with 152.38 minor support intact. Corrective fall from 156.05 could have completed with three waves down to 150.64, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for retesting 155.13/156.05 resistance zone next. On the downside, though, break of 152.38 minor support will dampen the bullish case and turn bias neutral first. In this case, correction from 156.05 might still extend with another falling leg.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains 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) 186.77; (P) 187.21; (R1) 187.91; More…

Intraday bias in GBP/JPY stays neutral at this point, and consolidation from 188.90 could extend. Further rally is expected as long as 186.14 support holds. 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).

GBP/JPY rose to as high as 149.48 last week but failed to take out 149.70 resistance and retreated sharply. As it stays above 146.28 minor support, initial bias is neutral this week and another rise is mildly in favor. On the upside, decisive break of 149.70 will resume whole rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 instead.

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) 147.74; (P) 148.44; (R1) 149.15; More….

No change in GBP/JPY’s outlook. The corrective rise from 144.97 is still in progress and could extend higher. But, upside should be limited by 150.92 (50% retracement of 156.59 to 144.97 at 150.78) to bring fall resumption. Break of 144.97 will extend the decline from 156.59 to 143.51 medium term fibonacci level next.

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.

GBP/JPY’s consolidation from 164.61 extended last week and outlook is unchanged. Initial bias remains neutral this week and further rise is expected with 158.04 support intact. On the upside, break of 164.61 will resume larger up trend to long term fibonacci level at 167.93. However, firm break of 158.19 will turn bias to the downside and bring deeper pull back.

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. This will now remain the favored case as long as 150.95 support holds.

In the longer term picture, as long as 55 month EMA (now at 148.20) holds, we’d still favor more rally to 61.8% retracement of 195.86 to 122.75 at 167.93. Sustained break there will pave the way to 195.86 (2015 high).

GBP/JPY’s rebound form 129.27 extended last week and edged higher to 133.46. Initial bias is now on the upside this week for 135.74 resistance. Break there 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 131.63 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).

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.

Daily Pivots: (S1) 163.17; (P) 163.50; (R1) 164.06; More…

Intraday bias in GBP/JPY is turned neutral with current recovery. Overall, consolidation from 168.40 is still extending. Below 162.72 will turn bias back to the downside for 159.42. . But downside should be contained there to bring rebound. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 190.82; (P) 191.54; (R1) 192.05; More…..

GBP/JPY retreated after brief rebound and intraday bias remains is turned neutral again. . For now, further rally is expected as long as 190.02 support holds, in case of retreat. Break of 193.51 will resume larger up trend.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

Daily Pivots: (S1) 141.15; (P) 141.67; (R1) 141.96; More…

GBP/JPY’s fall resumed after brief consolidations. Intraday bias is back on the downside for 1.8% 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 141.64 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.

Daily Pivots: (S1) 132.44; (P) 133.05; (R1) 133.91; More…

GBP/JPY’s rebound from 126.54 is still in progress and intraday bias stays on the upside. At this point, we’d still expect upside to be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

In the bigger picture, outlook remains clearly bearish with GBP/JPY staying well below 55 week and 55 month EMA. Medium term fall from 156.59 (2018 high) is still in progress. Next target is 122.75 (2016 low). We’d be cautious on bottoming there. But break of 135.66 resistance is needed to be the first sign of reversal. Sustained break of 122.36 will target next key level at 116.83 (2011 low).

Daily Pivots: (S1) 171.13; (P) 171.82; (R1) 172.39; More…

Further rise is in favor in GBP/JPY for the momentum. Current rally is part of the larger up trend and should target 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.

Daily Pivots: (S1) 187.39; (P) 187.96; (R1) 188.32; More…

Intraday bias in GBP/JPY is turned neutral again with current retreat. Some more consolidations could be seen below 188.63 temporary top first. But near term outlook will stay bullish as long as 184.44 support holds. Break of 188.63 will resume larger up trend.

In the bigger picture, as long as 184.44 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 184.44 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.

Daily Pivots: (S1) 191.90; (P) 192.34; (R1) 192.77; More..

GBP/JPY is still bounded in established range despite today’s volatility. Intraday bias remains neutral. On the upside, break of 193.51 will resume larger up trend to 195.86 long term resistance. Nevertheless, decisive break of 189.97 support will indicate that it’s at least correcting the rise from 178.32, and target 38.2% retracement of 178.32 to 193.51 at 187.70.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for 195.86 long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

Daily Pivots: (S1) 152.09; (P) 152.33; (R1) 152.65; More…

Intraday bias in GBP/JPY remains neutral at this point. We’re holding on to the view that corrective rise from 144.97 should have completed at 153.84 already. Hence, another decline is expected in the cross. Break of 150.60 will target 148.37 support first. Break will bring retest of 144.97 low. However, firm break of 153.84 will invalidate our view and extend the rise from 144.97 towards 156.59 high.

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) 136.19; (P) 136.63; (R1) 136.96; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. On the upside, break of 137.83 will extend the rebound from 133.03. Intraday bias will be turned back to the upside for retesting 142.71 high. On the downside, break of 135.05 will argue that decline from 142.71 is resuming. intraday bias will be turned back to the downside for 133.03, and then 61.8% retracement of 123.94 to 142.71 at 131.11.

In the bigger picture, rise from 123.94 is seen only 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.

GBP/JPY’s decline resumed last week to close at 129.68. The development affirmed the view that corrective rebound form 123.94 has completed at 135.74. Initial bias stays on the downside this week for 61.8% retracement of 123.94 to 135.74 at 128.44. Firm break there will target a test on 123.94 low. On the upside, above 131.41 minor resistance will turn intraday bias neutral first.

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.

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) could be resuming. Break of 116.83 will target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next.

Daily Pivots: (S1) 142.81; (P) 143.15; (R1) 143.41; More…

Intraday bias in GBP/JPY remains neutral first. In case of another fall, downside should be contained by 139.31/77 (38.2% retracement of 126.54 to 147.95 at 139.77) to bring rebound. On the upside, above 144.36 will bring retest of 147.95 resistance. However, sustained break of 139.77 will pave the way to 61.8% retracement at 134.71.

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.

Daily Pivots: (S1) 144.73; (P) 145.11; (R1) 145.55; More…

GBP/JPY’s break of 38.2% retracement of 156.59 to 139.88 at 146.26 suggests that whole decline from 156.59 has completed at 139.88, 139.29/47 key support zone. Intraday bias stays on the upside for 149.30 key resistance for confirmation. On the downside, break of 144.66 minor support will dampen the bullish case and turn bias neutral first.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 137.19; (P) 138.19; (R1) 139.60; More…

Intraday bias in GBP/JPY remains on the upside for 139.73 resistance. Break there will resume the whole rise from 123.94 and target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. On the downside, break of 136.62 resistance turned support is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish in case of retreat.

In the bigger picture, rise from 123.94 is currently 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.