Daily Pivots: (S1) 152.64; (P) 152.99; (R1) 153.57; More…

GBP/JPY’s break of 153.14 resistance now suggests that corrective fall from 156.05 has 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) 133.26; (P) 133.75; (R1) 134.54; More…

GBP/JPY’s break of 133.98 minor resistance suggests short term bottoming at 131.68. Intraday bias is turned back to the upside for 136.34 resistance first. Break there should confirm completion of the decline from 139.73 and bring retest of this high. Though, break of 131.95 will resume the fall from 139.73 to 129.27 support.

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.

GBP/JPY’s fall from 188.63 accelerated to as low as 178.58 last week, but recovered after breaching 23.6% retracement of 148.93 to 188.63 at 179.26 briefly. Initial bias is turned neutral this week for consolidations first. Upside of recovery should be limited below 184.44 support turned resistance to bring another decline. Break of 178.58 will target 38.2% retracement at 173.46 next.

In the bigger picture, price actions from 188.63 medium term top are currently 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.

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 172.11 support holds, to retest 195.86 (2015 high).

Daily Pivots: (S1) 150.52; (P) 151.73; (R1) 152.39; More…

GBP/JPY’s fall from 153.84 continues today and breach of 151.15 minor support now suggests that rebound from 144.97 has completed. Intraday bias is turned to the downside for 148.37 support first. Break will pave the way for retesting 144.97 low. On the upside, above 152.04 minor resistance will turn focus back to 153.84 instead.

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) 159.03; (P) 159.52; (R1) 160.33; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 155.33 will resume the fall from 172.11 to 153.70 fibonacci level. Nevertheless, considering bullish convergence condition in 4 hour MACD, firm break of 162.32 will argue that such decline has completed, and turn bias back to the upside for 55 day EMA (now at 163.45) and above.

In the bigger picture, as long as 153.02 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 153.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 172.99; (P) 173.48; (R1) 174.02; More…

Further rally is expected in GBP/JPY as long as 171.26 support holds. Current up trend should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, break of 171.26 minor support will delay the bullish case, and turn bias to the downside for deeper retreat.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. For now, medium term outlook will remain bullish as long as 155.33 support holds, even in case of deep pull back.

Daily Pivots: (S1) 145.34; (P) 146.00; (R1) 146.54; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, below 144.37 will target 143.18 first. Break will resume larger decline from 156.59 and target 139.25/47 cluster support level. However, break of 148.10 will resume the rebound from 143.18 and that will also be the first sign of near term reversal.

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 12 2.36 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) 179.07; (P) 179.80; (R1) 180.30; More…

Intraday bias in GBP/JPY stays neutral as range trading continues. Further decline is expected as long as 184.15 resistance holds. On the downside, break of will resume the decline from 188.63 and target 38.2% retracement of 148.93 to 188.63 at 173.46. However, decisive break of 184.15 will argue that pull back from 188.63 has completed and bring retest of this high.

In the bigger picture, price actions from 188.63 medium term top are currently 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) 146.94; (P) 147.60; (R1) 148.15; More…

Intraday bias in GBP/JPY is turned neutral with a temporary low formed at 147.04. Some consolidations could be seen with risk of recovery to 4 hour 55 EMA (now at 149.38). But upside should be limited below 150.60 support turned resistance to bring another decline. Below 147.04 will target 144.97 first. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 133.86; (P) 134.53; (R1) 135.78; More…

Intraday bias in GBP/JPY is turned neutral with today’s retreat. On the downside, break of 132.17 will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

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).

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.

GBP/JPY reversed after recovery to 144.36 last week and breached 141.15 on subsequent fall. The development suggests that corrective fall from 147.95 short term top is resuming. Initial bias is mildly on the downside this week for 38.2% retracement of 126.54 to 147.95 at 139.77. At this point, we’d expect strong support from 139.31/77 to bring rebound. But in any case, risk will stay on the downside as long as 144.36 resistance holds, in case of recovery. 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.

In the longer term picture, in spite of the current strong rally, there is no confirmation of long term bullish reversal yet. Focus is now on 156.59 key resistance. As long as it holds, another decline through 122.75 could still be seen. But firm break of 156.69 should at least bring further rally to 61.8% retracement of 195.86 to 122.75 at 167.93.

Daily Pivots: (S1) 161.10; (P) 162.71; (R1) 164.09; More…

GBP/JPY’s fall from 168.67 is still in progress and intraday bias stays on the downside. Sustained break of 55 day EMA (now at 161.63) will bring deeper decline to 155.57 support. On the upside, above 165.14 minor resistance will turn bias back to the upside for 168.67 again.

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) 148.17; (P) 148.92; (R1) 149.45; More…

Intraday bias in GBP/JPY remains neutral at this point. Corrective rise from 144.97 might still extend. But we’d expect strong resistance from limit upside and bring fall resumption. On the downside, below 147.65 minor support will bring retest of 144.97 low first. However, sustained break of 150.92 will indicate near term reversal and pave the way back to retest 156.69 high.

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) 151.77; (P) 152.17; (R1) 152.40; More…

GBP/JPY’s break of 151.14 support suggests that rebound from 148.43 has completed at 153.42. Intraday bias is turned back to the downside for 148.43 support first. On the upside, break of 153.28 resistance is now needed to indicate resumption of rebound from 148.43. Otherwise, risk will stay mildly on the downside in case of recovery.

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 indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back to 142.71 resistance turned support first.

Daily Pivots: (S1) 127.19; (P) 128.40; (R1) 129.45; More…

GBP/JPY is staying in consolidation from 123.94 and intraday bias remains neural first. Stronger recovery cannot be ruled out. But in case of stronger rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring fall resumption. Break of 123.94 will resume larger down trend.

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.

Daily Pivots: (S1) 182.69; (P) 183.35; (R1) 184.19; More…

GBP/JPY’s correction from 183.99 is extending today. Firm break of 182.12 support will bring deeper fall to 55 D EMW (now at 175.98). But downside should be contained above 172.30 resistance turned support to bring another rally. On the upside, break of 183.99 will resume larger up trend.

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) 184.53; (P) 185.66; (R1) 186.68; More…

Intraday bias in GBP/JPY is now mildly on the downside as fall from 188.26 is extending. But strong support could be seen from 183.79 to bring rebound. Above 186.77 will bring retest of 188.26 resistance. However, decisive break of 183.79 will bring deeper fall back towards 178.02 key support level.

In the bigger picture, as long as 180.74 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 180.74 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) 138.35; (P) 138.79; (R1) 139.15; More…

Intraday bias in GBP/JPY is turned neutral as it retreated after hitting 139.23. Further rise is expected as long as 136.62 support holds. Firm break of 139.73 resistance resume the whole rise from 123.94 and target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. Nevertheless, break of 136.62 will turn intraday bias back to the downside to extend the consolidation pattern from 139.73.

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.

Daily Pivots: (S1) 136.23; (P) 136.83; (R1) 137.17; More…

GBP/JPY’s break of 135.95 minor support suggests short term topping at 139.73. Intraday bias is back on the downside for 55 day EMA (now at 134.34). Firm break there will raise the chance that whole rebound from 123.94 support has completed. Deeper fall would be seen to 129.27 support to confirm On the upside, above 137.42 minor resistance will turn bias back to the upside for retesting 139.73 instead.

In the bigger picture, we’re still 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.