Daily Pivots: (S1) 141.84; (P) 142.64; (R1) 143.83; More…

GBP/JPY’s consolidation from 141.17 is still in progress and intraday bias remains neutral. As long as 144.02 support turned resistance holds, another decline remains mildly in favor. Below 141.17 will target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 145.24) and above.

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) 139.74; (P) 139.99; (R1) 140.13; More…

GBP/JPY is staying in consolidation from 141.50 and intraday bias remains neutral first Another fall cannot be ruled out, but 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) 182.69; (P) 183.23; (R1) 184.21; More…

No change in GBP/JPY’s outlook. Further rise is expected despite loss of upside momentum. Current up trend should target 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36 next. On the downside, however, break of 179.90 support will confirm short term topping, and turn bias back to the downside for deeper pull back.

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) 180.55; (P) 180.81; (R1) 181.34; More…

Intraday bias in GBP/JPY stays neutral at this point. Near term outlook stays bearish as long as 183.00 resistance holds. Break of 178.02 will resume the fall from 186.75 to 176.29 support. However, firm break of 183.00 will argue that the pull back has completed, and turn bias back to the upside.

In the bigger picture, fall from 186.75 is currently seen as a corrective move only. 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 bring lengthier and deeper consolidations.

Daily Pivots: (S1) 169.11; (P) 169.87; (R1) 171.05; More…

Intraday bias in GBP/JPY remains neutral for the moment, 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.

Daily Pivots: (S1) 206.68; (P) 207.25; (R1) 208.34; More…

GBP/JPY’s rally resumed and hits as high as 208.08 so far. Intraday bias is now on the upside for 138.2% projection of 191.34 to 200.72 from 197.18 at 210.17. On the downside, below 206.12 minor support will turn intraday bias neutral and bring consolidations first.

In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62. Outlook will stay bullish as long as 200.72 resistance turned support holds, even in case of deep pullback.

Daily Pivots: (S1) 149.11; (P) 149.60; (R1) 150.06; More

With 148.13 minor support intact, further rise is mildly in favor in GBP/JPY to 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) 152.25; (P) 152.71; (R1) 153.14; More…

GBP/JPY’s break of 151.28 support confirms resumption of corrective decline from 156.05. Intraday bias stays on the downside for 149.03 support. We’d expect strong support from 38.2% retracement of 136.96 to 156.05 at 148.75 to bring rebound. On the upside, above 153.14 minor resistance will turn bias back to the upside for 155.13 resistance.

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) 145.71; (P) 146.41; (R1) 147.75; More…

A temporary low is in place at 144.97 as GBP/JPY recovers. Intraday bias is turned neutral first. But still, outlook remains bearish with 150.92 resistance intact. Deeper decline is expected. Break of 144.97 will extend the fall from 156.69 to 143.51 medium term fibonacci level next. We’ll look for bottoming signal there. But firm break will target 139.29 support.

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.

Daily Pivots: (S1) 162.11; (P) 162.90; (R1) 164.43; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Pull back from 165.99 could have completed at 158.24 already. Further rise should be seen to 165.99 first. Break there will resume the whole rebound from 155.33 to 169.26 resistance. On the downside, however, break of 160.71 will mix up the outlook and turn intraday bias neutral.

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.

Daily Pivots: (S1) 147.23; (P) 147.70; (R1) 148.10; More…

Intraday bias in GBP/JPY remains on the upside at this point. Sustained break of 147.95 resistance will extend the up trend from 123.94 to 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. Nevertheless, break of 146.39 support will indicate short term topping and turn bias to the downside for deeper pull back.

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.

Daily Pivots: (S1) 145.37; (P) 145.94; (R1) 146.35; More…

Intraday bias in GBP/JPY remains neutral at this point. 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) 151.60; (P) 152.20; (R1) 152.67; More…

With 151.51 minor support intact, rebound from 149.40 is expected to continue to 153.39 resistance. Break will resume medium term rally. On the downside, below 151.51 minor support will extend the corrective pattern with another fall through 149.40 before completion.

In the bigger picture, outlook is mixed up a bit with last week’s sharp decline. But still, 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. And the 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) 162.49; (P) 162.96; (R1) 163.79; More…

Intraday bias in GBP/JPY remains on the upside as rebound from 155.57 is in progress to retest 168.40 high. Firm break there will resume larger up trend. On the downside, below 160.92 minor support will turn bias back to the downside for extending the correction from 168.40.

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 150.95 support holds, even in case of deep pull back. However, firm break of 150.95 will indicate rejection by 167.93, and bearish trend reversal.

Daily Pivots: (S1) 151.75; (P) 152.18; (R1) 152.94; More…

GBP/JPY’s rebound from 148.43 resumed after brief retreat. Intraday bias is back on the upside for 153.46 resistance first. . Firm break there will pave the way to retest 156.05 high. On the downside, however, break of 151.37 minor support will turn bias back to the downside for retesting 148.43 again.

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, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

GBP/JPY’s decline from 139.73 short term top extended to as low as 131.93 last week. Current development suggests that corrective rebound from 123.94 has completed with three waves up to 139.73. Initial bias remains on the downside this week for 129.27 support. Firm break there will confirm this bearish case and pave the way to retest 123.94 low. On the upside, break of 136.34 minor resistance is needed to indicate completion of the fall. Otherwise, further decline is expected in case of recovery.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) are seen 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 to 195.86 (2015 high).

Daily Pivots: (S1) 147.15; (P) 147.85; (R1) 148.79; More

A temporary low is formed at 146.92 and intraday bias is turned neutral first. Another decline is expected with 149.73 intact. Below 146.92 will target 61.8% retracement of 139.29 to 152.82 at 144.45. Such decline is seen as a correction and we’d look for strong support from 144.45 to bring rebound. On the upside, break of 149.73 support turned resistance will argue that the pull back is completed and turn bias back to the upside for retesting 152.82 high. However, sustained break of 144.45 will put 139.29 key support in focus.

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) 139.45; (P) 140.59; (R1) 141.52; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 139.54 temporary low. In case of another recovery, upside should be limited well below 143.72 support turned resistance to bring fall resumption. On the downside, break of 139.54 will resume the decline from 148.87 to 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low.

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) 132.51; (P) 132.83; (R1) 133.27; More…

Intraday bias in GBP/JPY remains 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.

GBP/JPY stays in sideway trading last week and outlook is unchanged. Initial bias remains neutral this week first. 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.

In the longer term picture, rise from 122.75 could be the third leg the the pattern from 116.83 (2011 low). Further rise will remain in favor as long as 55 month EMA (now at 149.84) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the way to 195.86 (2015 high).