Daily Pivots: (S1) 138.97; (P) 139.42; (R1) 140.28; More…

Intraday bias in GBP/JPY remains neutral at this point. Further rise is still in favor with 137.84 support intact. Rise from 123.94 has just resumed and break of 140.20 will target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, break of 137.84 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for pull back.

In the bigger picture, rise from 123.94 is still 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.

GBP/JPY’s rebound from 126.54 extended higher last week and breached 38.2% retracement of 148.87 to 126.54 at 135.07. Initial bias stays on the upside this week first. Further rise could be seen to 61.8% retracement at 140.33 next. On the downside, break of 132.17 minor support will turn bias back to the downside for retesting 126.54 low instead.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

In the longer term picture, for now, we’re treating price actions from 122.36 as a corrective pattern. Hence, strong support could be seen at 122.36 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term down trend from 251.09 (2007 high). Next downside target will be 61.8% projection of 195.86 to 122.36 from 156.59 at 111.16.

Daily Pivots: (S1) 142.23; (P) 142.74; (R1) 143.25; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Sustained break of 38.2% retracement of 131.51 to 148.87 at 142.23 will target 61.8% retracement at 138.14. On the upside, above 143.76 minor resistance will turn bias neutral and bring consolidation, before staging another fall.

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.

GBP/JPY’s pull back from 188.90 extended to 185.21 last week but recovered since then. Initial bias remains neutral this week first. Firm break of 187.60 will turn bias to the upside for 188.90. Break there will confirm resumption of larger up trend. Meanwhile, below 185.21 will turn bias to the downside and extend the correction from 188.90.

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).

In the longer term picture, rise from 122.75 (2016 low) in still in progress despite loss of upside momentum as seen in W MACD. Further rise will remain in favor, as long as 172.11 support holds, to retest 195.86 (2015 high).

Daily Pivots: (S1) 187.87; (P) 188.14; (R1) 188.51; More…

Intraday bias in GBP/JPY remains neutral as consolidation continues below 188.89. Further rally is expected as long as 186.14 resistance turned support holds. On the upside, break of 188.89, 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.

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) 165.71; (P) 166.38; (R1) 167.53; More…

Intraday bias in GBP/JPY remains on the upside for retesting 168.67 high first. Decisive break there will confirm and target 100% projection of 155.57 to 168.67 from 159.42 at 172.42. On the downside, below 164.28 minor support will mix up the outlook and turn bias neutral first.

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) 154.39; (P) 154.76; (R1) 155.47; More…

GB/JPY’s rise continues today and break of 154.70 resistance should confirm that correction from 158.19 has completed with three waves down to 148.94, after defending 148.93 key support. Intraday bias remains on the upside for retesting 158.19 high next. On the downside, below 153.97 minor support will turn intraday bias neutral and bring consolidations. But retreat should be contained by 152.60 resistance turned support to bring another rally.

In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low), to 61.8% retracement of 195.86 to 122.75 at 167.93. Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least

Daily Pivots: (S1) 148.99; (P) 149.70; (R1) 150.79; More…

GBP/JPY’s strong break of 149.45 resistance now argues that consolidation pattern from 152.82 is completed at 146.96. Intraday bias is bacon the upside for 151.92 resistance first. Break there should confirm rise resumption and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32 next. On the downside, below 149.33 minor support will dampen the delay the bullish view and extend the consolidation from 152.82 with another falling leg.

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) 148.57; (P) 150.66; (R1) 152.42; More…

At this point, intraday bias in GBP/JPY stays on the downside. The decline from 156.59 short term top should target 146.96 support. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 154.03 resistance is needed to confirm completion of the fall. Otherwise, outlook will remain cautiously bearish even in case of recovery.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal after rejection by 55 month EMA. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 140.14; (P) 140.49; (R1) 140.89; More

With 143.18 minor resistance intact, fall from 147.76 is still progress for 138.65 support first. Break there will extend the decline to 135.58 key support level. At this point, price actions from 148.42 are seen as a sideway consolidation pattern. Hence, we’ll expect strong support from 135.58 to contain downside and bring rebound. Nonetheless, break of 143.18 resistance is needed to indicate short term bottoming first. Otherwise, near term outlook will remain bearish in case of recovery.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. We’d expect strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Medium term rise from 122.36 is still expected to resume later. And break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. However, firm break of 135.58/39 will dampen the bullish view and turn focus back to 122.36 low.

Daily Pivots: (S1) 143.10; (P) 143.65; (R1) 144.08; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 142.83 temporary low. Some consolidation could be seen. But near term outlook remains cautiously bearish as long as 145.83 resistance holds. On the downside, firm break of 142.76 will pave the way to 139.29/47 key support zone.

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) 158.99; (P) 160.05; (R1) 161.06; More…

Intraday bias in GBP/JPY is turned neutral with current retreat and some consolidations could be seen. But downside should be contained above 156.35 minor support to bring another rally. On the upside, above 161.07 will continue larger up trend, and target 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07.

In the bigger picture, up trend from 123.94 (2020 low) should still be 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 148.94 support holds.

Daily Pivots: (S1) 162.01; (P) 163.04; (R1) 164.22; More…

Intraday bias in GBP/JPY remains neutral first. On the upside, break of 165.99 resistance will resume the rally from 155.33. That would also revive the case that correction from 172.11 has completed. Further rise should be seen back to retest 172.11 high. However, below 160.02 will bring deeper fall to 156.70 support instead.

In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, 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.

GBP/JPY’s fall from from 172.30 was contained slightly above 167.95 resistance turned support last week, then it recovered. Initial bias remains neutral this week and further rally is in favor. 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 167.95 should confirm short term topping, and turn bias back to the downside for deeper pull back to 165.40 support instead.

In the bigger picture, based on current momentum, up trend from 123.94 (2020 low) is likely ready to resume. Next target is 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 165.40 support holds, in case of retreat.

In the longer term picture, as long as 55 M EMA (now at 154.40) holds, rise from 122.75 (2016 low) could still extend higher at a later stage to 195.86 (2015 high).

Daily Pivots: (S1) 190.02; (P) 190.43; (R1) 191.00; More…

Intraday bias in GBP/JPY remains on the upside at this point. Current rally is in progress for 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. Firm break there will target 100% projection at 195.40. On the downside, below 189.05 minor support will turn intraday bias neutral and bring consolidations again, before staging another rally.

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) 158.13; (P) 161.29; (R1) 163.44; More…

GBP/JPY’s break of 159.42 support is taken as a early sign of bearish trend reversal. Intraday bias stays on the downside for 155.57 support first. Decisive break there should confirm this bearish case. On the upside, above 162.28 minor resistance will turn intraday bias neutral first.

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. However, firm break of 155.57 will confirm medium term topping, after rejection by 167.93. Outlook will be turned bearish for deeper decline.

GBP/JPY stayed in range below 158.04 last week and outlook is unchanged. Initial bias remains neutral this week first. On the downside, break of 155.11 resistance should confirm rejection by 158.19 resistance. Intraday bias will be turned to the downside for 152.88 support, to extend the corrective pattern from 158.19 with another falling leg. However, on the upside, sustained break of 158.19 will resume larger up trend.

In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

In the longer term picture, as long as 55 month EMA (now at 147.32) holds, we’d still favor more rally to 61.8% retracement of 195.86 to 122.75 at 167.93. But sustained trading below 55 month EMA will at least neutralize medium term bullishness and re-open the chance of revisiting 122.75 low (2016 low).

Daily Pivots: (S1) 144.68; (P) 145.52; (R1) 146.04; More…

Intraday bias in GBP/JPY remains neutral with focus on 144.80 minor support. Further rise is still in favor with 144.80 intact. On the upside, break of 146.50 resistance will solidify that case that consolidation from 148.87 has completed. Further rise should be seen to retest 148.87/149.48 resistance zone next. On the downside, though, firm break of 144.80 minor support will turn focus back to 143.72 key support.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm 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) 144.82; (P) 145.35; (R1) 146.25; More

Intraday bias in GBP/JPY remains neutral for the moment. With 146.27 minor resistance intact, further decline is still mildly in favor. On the downside, below 144.01 will extend the fall from 147.76 and target 138.65 support and below. But we’d expect strong support from 135.58 to contain downside and bring rebound. On the upside, above 146.27 minor resistance will turn bias back to the upside for 147.76 instead.

In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we’d be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.

Daily Pivots: (S1) 161.27; (P) 162.59; (R1) 163.63; More…

Intraday bias in GBP/JPY stays on the downside for 160.37 support. Decisive break there will argue that deeper fall is underway towards 162.67 support next. On the upside, though, break of 163.88 minor resistance will turn intraday bias neutral again first.

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.