GBP/JPY’s break of 141.17 support last week confirmed resumption of fall from 149.48. Intraday bias remains on the downside at this point. Current fall should target 139.29/47 key support zone. On the upside, break of 143.94 resistance is needed to indicate short term reversal. Otherwise, outlook will remain bearish even in case of recovery.

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.

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) 164.40; (P) 165.75; (R1) 166.83; More…

Intraday bias in GBP/JPY stays neutral at this point. On the upside, decisive break of 168.67 resistance will resume larger up trend. Next near term target is 100% projection of 155.57 to 168.67 from 159.97 at 173.07. On the downside, below 164.45 minor support will turn bias back to the downside for 159.97 support instead.

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) 142.32; (P) 143.47; (R1) 144.31; More…

Intraday bias in GBP/JPY is turned neutral with the steep fall from 144.95. On the downside, break of 142.33 support will turn bias back to the downside for 140.92 support and below. On the upside, above 144.95 would bring retest of 147.95. Overall, GBP/JPY is staying in consolidation from 147.95 and might extend further in the near term.

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.

Intraday bias in GBP/JPY remains on the upside at this point. Rebound from 178.32 is in progress for retesting 188.63 high. On the downside, break of 182.73 support is needed to indicate completion of the rebound. Otherwise, further rally will remain in favor in case of retreat.

In the bigger picture, price actions from 188.63 medium term top are seen as a correction to the up trend from 148.93 (2022 low) only. As long as 172.11 resistance turned support holds, larger up trend from 123.94 (2020 low) is still in favor to resume through 188.63 at a later stage.

Daily Pivots: (S1) 136.33; (P) 137.08; (R1) 138.19; More…

GBP/JPY’s rally resumed after brief consolidation and intraday bias is back on the upside. Current rise from 123.94 should target 100% projection of 123.94 to 135.74 from 129.27 at 141.07 next. On the downside, break of 135.95 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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) 155.38; (P) 156.04; (R1) 156.63; More…

Intraday bias in GBP/JPY remains on the upside for the moment. The corrective pattern from 158.19 might have completed with three waves to 150.95. Further rise should be seen to 158.04/19 resistance zone. Firm break there will resume larger up trend. On the downside, below 154.23 minor support will turn bias neutral again.

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 38.2% retracement of 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.

Daily Pivots: (S1) 147.48; (P) 148.33; (R1) 149.24; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 150.39. Still, further rally is expected as long as 146.39 minor support holds. Break of 150.39 will target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. However, firm break of 146.39 will confirm short term topping, and bring deeper pull back to 55 day EMA (now at 143.63).

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.

GBP/JPY dropped to as low as 138.50 last week as the decline from 148.87 extended. Downside momentum diminished mildly but there is no clear sign of bottoming yet. Further decline is expected initial this week to 61.8% retracement of 131.51 to 148.87 at 138.14. Sustained break there will pave the way to retest 131.51 low. On the upside, break of 141.73 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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.

Daily Pivots: (S1) 139.81; (P) 140.28; (R1) 141.20; More…

Intraday bias in GBP/JPY remains on the upside at this point. Current rise from 136.54 should target a test on 148.87 key resistance. On the downside, break of 138.58 minor support will turn intraday bias neutral again and bring consolidations, before staging another rally.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is still in progress with rise from 126.54 as the third leg. Further rise should be seen back to 148.87/156.59 resistance zone. For now, we’d expect strong resistance from there to limit upside. And, this will remain the favored case as long as 130.42 support holds.

Daily Pivots: (S1) 131.27; (P) 131.91; (R1) 133.02; More…

Intraday bias in GBP/JPY remains on the upside as corrective rebound from 126.54 short term bottom is in progress. But upside should 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) 135.57; (P) 136.01; (R1) 136.33; More…

GBP/JPY’s rise lost momentum after hitting 136.43 and intraday bias is turned neutral first. Further rise will remain in favor as long as 134.12 support holds. Break of 136.43 will resume the rebound from 131.68 to retest 139.73 high. However, firm break of 134.12 will suggest completion of the rebound and turn bias back to the downside.

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) 135.44; (P) 136.00; (R1) 136.80; More…

Intraday bias in GBP/JPY remains neutral with focus on 136.46 resistance. Decisive break there will indicate short term bottoming and turn bias back to the upside for stronger rebound back to retest 142.71. On the downside, break of 133.03 will resume the fall from 142.71 and target 61.8% retracement of 123.94 to 142.71 at 131.11 next.

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 recovered to 137.00 last week but failed to extend gain from there. Initial bias is neutral this week first. On the downside, break of 133.03 will resume the fall from 142.71 and target 61.8% retracement of 123.94 to 142.71 at 131.11 next. Though, break of 137.00 will extend the rebound towards 142.71 resistance.

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.

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

Daily Pivots: (S1) 139.07; (P) 139.43; (R1) 139.84; More…

Intraday bias in GBP/JPY remains neutral for consolidation first. In case of deeper retreat, downside should be contained above 135.74 resistance turned support to bring another rally. On the upside, break of 141.50 will resume the rise from 126.54 to for 148.87 key resistance.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is still in progress with rise from 126.54 as the third leg. Further rise should be seen back to 148.87/156.59 resistance zone. For now, we’d expect strong resistance from there to limit upside. And, this will remain the favored case as long as 130.42 support holds.

Daily Pivots: (S1) 148.93; (P) 149.78; (R1) 150.42; More…

With 150.62 minor resistance intact, intraday bias in GBP/JPY remains on the downside for 148.37 support. 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, above 150.62 minor support will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 152.71 resistance holds.

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) 145.62; (P) 145.97; (R1) 146.50; More…

GBP/JPY lost some downside momentum as seen in 4 hour MACD. But with 146.85 minor resistance intact, deeper fall is expected for 143.18/76 support zone. On the upside, though, above 147.65 minor resistance will turn bias back to the upside for 149.30/99 resistance 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) 156.63; (P) 157.08; (R1) 157.77; More…

GBP/JPY’s firm break of 158.19 resistance confirms resumption of larger up trend from 123.94. Intraday bias stays on the upside. Next target is 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, below 157.48 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) 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 to 122.75 at 167.93. This will now remain the favored case as long as 148.94 support holds.

GBP/JPY retreated after edging higher to 188.26 last week. Initial bias stays neutral this week for consolidations first. But near term outlook will remain 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.

In the longer term picture, rise from 122.75 (2016 low) in still in progress but started losing upside momentum as seen in W MACD. Further rise will remain in favor, though, as long as 178.02 support holds, to retest 195.86 (2015 high).

Daily Pivots: (S1) 152.77; (P) 153.89; (R1) 154.63; More…

The strong break of 153.81 support indicates that GBP/JPY is now correcting the rise from 136.96 to 156.05. Intraday bias is now on the downside. Deeper decline would be seen to 38.2% retracement of 136.96 to 156.05 at 148.75. We’d expect strong support from there to bring rebound. On the upside, above 153.75 minor resistance will turn intraday bias neutral 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) 153.41; (P) 154.05; (R1) 154.86; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. With 155.20 resistance intact, further decline is expected. On the downside, below 152.97 minor support will turn bias back to the downside for 150.95 support first. Break will resume the decline form 158.04, as part of the consolidation from 158.19, to 148.94 support next. However, firm break of 155.20 will bring stronger rise back to 158.04/19 resistance zone.

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 38.2% retracement of 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.