GBP/JPY’s rise from 178.32 continued last week and breach of 188.63 argues that larger up trend is resuming. Initial bias stays on the upside this week. Sustained trading above 188.63 will confirm this case and target 38.2% projection of 155.33 to 188.63 from 178.32 at 191.04. On the downside, below 1187.01 minor support will turn intraday bias neutral and bring consolidations first. But outlook will stay bullish as long as 184.15 resistance turned support holds, in case of retreat.

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) 149.27; (P) 149.87; (R1) 150.28; More

Intraday bias in GBP/JPY remains mildly on the upside for retesting 152.82 high. Decisive break there will resume whole medium term rise from 122.36. On the downside, break of 148.13 minor support will turn bias to the downside and extend the correction from 152.82. In that case, we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to bring rebound.

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) 160.43; (P) 160.87; (R1) 161.46; More…

GBP/JPY is staying in consolidation from 164.61 and intraday bias remains neutral first. Outlook remains bullish with 158.04 resistance turned support intact, and further rally is expected. 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.

GBP/JPY recovered after dipping to 152.88 last week. Initial bias remains neutral this week first. Outlook is unchanged that fall from 157.74 should be the third leg of the corrective pattern from 158.19. Deeper decline is expected as long as 155.38 minor resistance holds. Below 152.88 will target 148.94 support next. On the upside, above 155.38 minor resistance will flip bias back to the upside for 157.74/158.19 resistance zone instead.

In the bigger picture, price actions from 158.19 are currently 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 147.03) 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) 127.09; (P) 127.67; (R1) 128.66; More…

GBP/JPY recovers strongly ahead of 126.54 support. Intraday bias remains neutral as consolidation is extending. Break of 130.69 will bring stronger rebound. But upside should be by 38.2% retracement of 148.87 to 126.54 at 135.07 to bring down trend resumption. On the downside, firm break of 126.54 will resume larger down trend to 122.61 support next.

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 122.36 (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) 181.81; (P) 182.38; (R1) 183.38; More…

Intraday bias in GBP/JPY stays neutral at this point. On the upside, decisive break of 183.99 high will resume larger up trend. Nevertheless, break of 180.41 will turn bias to the downside, to bring another fall to extend the corrective pattern from 183.99.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue through 183.99 at a later stage, towards 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

Daily Pivots: (S1) 147.06; (P) 147.60; (R1) 148.40; More…

GBP/JPY retreats notably after hitting 148.88. But with 146.79 minor support intact, further rise is expected for 149.99 resistance. Break of 149.99 will affirm the bullish reversal case and target 153.84 resistance next. However, break of 146.79 will turn focus back to 143.18/76 support zone instead.

In the bigger picture, no change in the view that decline from 156.59 is 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) 163.18; (P) 163.76; (R1) 164.92; More…

GBP/JPY’s rebound from 155.33 resumes by breaking 163.73 and intraday bias is back on the upside. Corrective fall from 172.11 should have completed at 155.33 already. Further rally should be seen to 169.26 resistance first, and then 172.11 high. For now, outlook will stay cautiously bullish as long as 161.18 support holds, in case of retreat.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 intact, 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.

Daily Pivots: (S1) 166.03; (P) 166.73; (R1) 167.49; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. On the downside, break of 164.02 should resume the whole fall from 172.11 through 163.02 support. Nevertheless, on the upside, break of 168.99 resistance will bring stronger rebound to retest 172.11 high instead.

In the bigger picture, medium term upside momentum has been diminishing as seen in bearish divergence condition in weekly MACD. Sustained break of 55 week EMA (now at 160.66) will argue that it’s already correcting whole up trend from 123.94 (2020 low). Nevertheless, before that, such up trend could still extend through 172.11 high.

Daily Pivots: (S1) 150.15; (P) 151.06; (R1) 151.57; More…

Intraday bias in GBP/JPY remains neutral for the moment. Consolidation from 153.39 could extend but downside should be contained by 148.50 support. On the upside, firm break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

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) 146.28; (P) 147.06; (R1) 147.46; More…

GBP/JPY is staying in range of 145.82/148.10 and intraday bias remains neutral first. On the upside, above 148.10 will resume the rebound from 143.18 and target 149.99, and then 153.84 resistance. However, break of 145.82 minor support will argue that the rebound from 143.18 is completed and bring retest of this low.

In the bigger picture, no change in the view that decline from 156.59 is 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) 177.93; (P) 178.66; (R1) 180.08; More…

GBP/JPY surges to as high as 180.83 so far today as current rally accelerates. Intraday bias stays on the upside at this point. Next target is 161.8% projection of 148.93 to 172.11 from 155.33 at 192.83. On the downside, below 178.11 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 extending. 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69 is already taken out. Sustained trading above there 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) 161.44; (P) 161.86; (R1) 162.19; More…

GBP/JPY is staying in consolidation from 164.61 and intraday bias remains neutral. Outlook remains bullish with 158.04 resistance turned support intact, and further rally is expected. 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.

GBP/JPY’s rally from 155.33 resumed last week but retreated again after hitting 166.82. Initial bias is neutral this week for consolidations first. Outlook will stay cautiously bullish as long as 162.75 support holds. Above 166.82 will resume the larger rebound from 155.33 to 169.26 resistance next.

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.

In the longer term picture, as long as 55 M EMA (now at 153.64) holds, rise from 122.75 (2016 low) could still extend higher at a later stage to 195.86 (2015 high).

Daily Pivots: (S1) 157.00; (P) 157.87; (R1) 159.02; More…

Intraday bias in GBP/JPY remains neutral as range trading continues. On the downside, break of 155.33 low will resume the fall form 172.11 to 153.70 fibonacci level next. On the upside, sustained trading above 55 day EMA (now at 161.42) will turn bias to the upside, for stronger rise back to 169.26/172.11 resistance zone.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 144.48; (P) 145.49; (R1) 147.26; More…

GBP/JPY failed to break through 148.57 resistance and dropped sharply since then. Intraday bias is turned neutral first. On the upside, break of 148.75 will resume rebound from 131.51 and target 149.48 key resistance next. On the downside, break of 143.72 will resume the pull back from 148.57 to 141.00 support.

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. However, firm break of 141.00 support will dampen this view and turn focus back to 131.51 low instead.

GBP/JPY’s choppy decline from 186.75 extended lower last week even though downside momentum has been week. Further fall is expected this week as long as 184.39 resistance holds. Sustained trading below 55 D EMA (now at 182.44) will argue that it’s already in a larger scale correction and target 176.29 support next. On the upside, break of 184.39 resistance will argue that the pull back from 186.75 has completed. Intraday bias will be turned back to the upside for 185.76 resistance next.

In the bigger picture, as long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and turn outlook neutral for lengthier and deeper consolidations.

In the longer term picture, rise from 122.75 (2016 low) in still in progress but started lose upside momentum as seen in W MACD. Further rise will remain in favor, though, as long as 176.29 support holds, to retest 195.86 (2015 high).

Daily Pivots: (S1) 135.42; (P) 136.00; (R1) 136.43; More…

Intraday bias in GBP/JPY is turned neutral as it lost momentum after hitting 38.2% retracement of 123.94 to 142.71 at 135.53. Further fall will remain mildly in favor as long as 138.38 minor resistance holds. Sustained break of 135.53 will suggest that whole rebound from 123.94 has completed. Deeper fall could then be seen to 61.8% retracement at 131.11 next. Though, strong rebound from current level, followed by break of 138.38 minor resistance, will turn bias back to the upside for retesting 142.71 instead.

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 corrective recovery from 123.94 extend higher last week and outlook is unchanged. Further rise could be seen initially this week. But upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring fall resumption. On the downside, break of 129.85 minor support will bring retest of 123.94 low first. However, sustained break of 136.92 will raise the chance of trend reversal and turn focus to 144.95 resistance.

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.

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) 161.63; (P) 162.14; (R1) 162.88; More…

Intraday bias in GBP/JPY remains neutral for the moment as sideway trading continues. Corrective pattern from 168.67 would extend for a while. On the upside, break of 163.91 will bring stronger rise to 166.31 resistance. On the downside, below 160.07 will turn bias to the downside for 159.42 and below.

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.