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.

GBP/JPY’s up trend continued last week and hit as high as 156.05. Initial bias stays on the upside this week for 156.69 long term resistance. Sustained break there will carry larger bullish implications. Next target is 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, break of 153.81 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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.

In the longer term picture, the strong break of 55 months EMA was an early sign of long term bullish reversal. Firm break of 156.69 resistance should now confirm the start of an up trend for 195.86 (2015 high).

Daily Pivots: (S1) 146.88; (P) 147.34; (R1) 148.12; More…

GBP/JPY’s rally resumes after brief retreat and intraday bias is back on the upside. Sustained break of 147.95 structural resistance will carry larger bullish implications. Up trend from 123.94 should then target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. On the downside, though, break of 146.39 minor support will indicate short term topping, and turn bias to the downside for 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) 141.79; (P) 142.68; (R1) 143.30; More…

GBP/JPY’s consolidation from 144.84 is still in progress and intraday bias remains neutral. On the upside, above 144.84 will extend the rebound from 131.51. But we’d expect strong resistance from trend line (now at 147.13) to limit upside, at least on first attempt. On the downside, firm break of 140.62 will suggest completion of the rebound and turn bias to the downside.

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 is 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 149.38 will pave the way to 156.59 resistance and above.

Daily Pivots: (S1) 138.15; (P) 138.58; (R1) 138.86; More…

GBP/JPY is staying in consolidation from 140.20 and intraday bias remains neutral first. Further rally is mildly in favor as long as 137.84 support holds. 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, to 55 day EMA (now at 136.76) first.

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.

Daily Pivots: (S1) 162.05; (P) 162.61; (R1) 163.48; More…

Intraday bias in GBP/JPY remains on the downside as fall from 168.67 is in progress. Sustained break of 55 day EMA (now at 161.66) 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) 143.90; (P) 145.10; (R1) 145.78; More…

Intraday bias in GBP/JPY remains on the downside as fall from 149.70 is in progress. As noted before, whole rise from 139.88 should have completed at 149.70 already. Deeper fall would be seen to 142.59 support first. Break will pave the way to retest 139.88 low. On the upside, break of 146.40 resistance is needed to indicate completion of fall from 149.70. Otherwise, near term outlook will now stay mildly 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) would 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.

GBP/JPY’s strong break of 184.15 resistance last week indicates that corrective fall from 188.63 has completed at 178.32. But as a temporary top was formed at 186.14, initial bias is neutral this week first. Further rally is in favor as long as 182.73 minor support holds. Break of 186.14 will target 188.63 high next.

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.

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).

GBP/JPY edged higher to 135.91 last week but retreated. Initial bias is neutral this week first. As long as 133.94 minor support holds, further rise is mildly in favor. On the upside, above 135.91 will extend the rebound from 131.68 towards 139.73 high. However, break of 133.94 will suggest that the rebound has completed. Intraday bias will be turned back to the downside for 131.68 support instead.

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.

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

Daily Pivots: (S1) 186.45; (P) 186.86; (R1) 187.53; More…

Intraday bias in GBP/JPY is back on the upside as rebound from 185.21 resumes. Further rise is expected to retest 188.90 resistance first. Firm break there will resume larger up trend. Next near term target will be 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. For now, near term outlook will stay bullish as long as 185.21 support holds, in case of retreat.

In the bigger picture, up trend from 123.94 (2020 low) is 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) 140.44; (P) 140.75; (R1) 141.17; More…

GBP/JPY’s rise resumed after brief retreat, after drawing support from 4 hour 55 EMA. Intraday bias is back on the upside for 141.71 high. Decisive break there will resume whole rally from 123.94 for 147.95 key resistance. On the downside, break of 140.31 will suggest rejection by 141.71, and turn bias back to the downside for 136.96 support.

In the bigger picture, rise from 123.94 is 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 fall from 158.19 continued last week and hit as low as 148.97. Initial bias is on the downside this week with focus on 100% projection of 158.19 to 152.35 from 154.70 at 148.86, which is close to 148.93 key structural support. Decisive break there will carry larger bearish implication and target 161.8% projection at 145.25 next. In any case, outlook will stay bearish as long as 152.35 support turned resistance holds, in case of recovery.

In the bigger picture, the break of medium term channel support, and bearish divergence condition in week MACD are raising the chance of medium term topping at 158.19. Firm break of 148.93 support will argue that GBP/JPY is at least correcting the whole rise from 123.94 (2020 low). In this case, deeper fall would be seen to 38.2% retracement of 123.94 to 158.19 at 145.10. Nevertheless, strong rebound from 148.93 will retain medium term bullishness for another rise through 158.19 at a later stage.

In the longer term picture, as long as 55 month EMA (now at 146.38) holds, we’d still favor more up trend 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) 156.11; (P) 156.48; (R1) 156.77; More…

Intraday bias in GBP/JPY stays mildly on the upside for 157.74/158.19 resistance zone Decisive break there will resume larger up trend. On the downside, break of 155.11 minor support will turn bias back to the downside, to extend the consolidation pattern from 158.19 with another falling leg.

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.

Daily Pivots: (S1) 178.41; (P) 181.75; (R1) 184.88; More…

GBP/JPY’s fall from 188.63 extended to as low as 178.58, and breached 23.6% retracement of 148.93 to 188.63 at 179.26 briefly. There is no sign of bottoming yet and intraday bias stays on the downside. Sustained trading below 179.26 will pave the way to 38.2% retracement at 173.46 next. On the upside, above 182.65 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, while a medium term top is in place at 188.63, there is no clear sign of long term bearish trend reversal yet. As long as 55 W EMA (now at 175.67) holds, price actions from 188.63 are seen as a corrective move only. Larger up trend from 123.94 (2022 low) could resume at a later stage.

Daily Pivots: (S1) 164.36; (P) 166.24; (R1) 167.30; More…

GBP/JPY’s break of 162.88 minor resistance suggests that deeper correction is underway. Intraday bias is now on the downside for 55 day EMA (now at 161.56). Sustained break there will target 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) 148.29; (P) 148.81; (R1) 149.12; More…

Intraday bias in GBP/JPY remains on the upside for 149.99 resistance. Break there will add more credence to the larger bullish case and target 153.84 resistance next. On the downside, though break of 147063 minor support will argue that the rebound from 143.76 might be finished and turn bias back to the downside

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) 147.33; (P) 148.42; (R1) 149.35; More…

GBP/JPY is still bounded in consolidation from 149.70 and intraday bias remains neutral first. In case of deeper fall, outlook will stay remain bullish as long as 145.67 resistance turned support holds. On the upside, above 149.70 will target 153.84/156.69 resistance zone next. However, break of 145.67 will suggest that the rebound from 139.88 has completed and turn near term outlook bearish again.

In the bigger picture, current development suggests that GBP/JPY has successfully defended 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). And, the rally from 122.36 (2016 low) is still intact. Such medium to long term rise would extend through 156.96 high. This will now be the preferred case as long as 145.67 near term support holds. However, break of 145.67 will turn focus back to 139.29/47 key support zone.

Daily Pivots: (S1) 140.18; (P) 141.20; (R1) 142.89; More…

GBP/JPY’s rebound from 131.51 turns out to be stronger than expected and reaches as high as 142.22 so far. Firm break of 139.88 resistance is taken as the first sign of larger reversal. Intraday bias is back on the upside for 143.93 resistance first. Sustained break will pave the way to 149.48 resistance next. On the downside, break of 137.35 support is now needed to confirm completion of the rebound. Otherwise, risk will stay on the upside in case of retreat.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. No change in this view. Strong rebound from 131.51 argues that fall from 156.59 (2018 high) is just the second leg of the corrective pattern from 122.36. Break of 149.38 resistance will confirm the third leg has started to 159.69, and possibly above. Nevertheless, break of 131.51 will pave the way to retest 122.26 low.

Daily Pivots: (S1) 143.79; (P) 144.12; (R1) 144.42; More…

GBP/JPY’s decline accelerates to as low as 142.71 so far today. The firm break of 143.18 confirms resumption of larger decline from 156.59. Intraday bias is back on the downside for 139.29/47 key support level. On the upside, above 143.80 minor resistance will turn bias neutral and bring consolidation. But recovery should be limited by 145.25 support turned resistance to bring fall resumption.

In the bigger picture, decline from 156.59 is seen as a corrective move. In case of deeper 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. However, sustained break of 139.29/47 will confirm medium term reversal and turn outlook bearish for 122.36 (2016 low) again.