Daily Pivots: (S1) 160.15; (P) 160.78; (R1) 161.97; More…

GBP/JPY’s rally resumes after brief retreat and intraday bias is back on the upside. Current up trend should target 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, below 159.01 minor support will turn intraday bias neutral again. But downside of retreat should be contained above 156.35 minor support to bring 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 (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 148.94 support holds.

Daily Pivots: (S1) 143.84; (P) 144.37; (R1) 144.73; More…

GBP/JPY is losing downside momentum as seen in 4 hour MACD. But with 145.99 minor resistance intact, further decline is in favor to 142.76 support first. Sustained break there will bring retest of 139.39/47 key support zone. On the upside, above 145.99 support turned resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.

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.

Daily Pivots: (S1) 136.46; (P) 136.83; (R1) 137.39; More…

No change in GBP/JPY’s outlook despite today’s recovery. Price actions from 135.38 are seen as a consolidation pattern. Upside of recovery should be limited by 138.32 resistance to bring fall resumption. On the downside, break of 135.38 will extend recent fall from 148.87 to retest 131.51 low. Though, firm break of 135.38 will confirm short term bottoming and bring stronger rebound to 55 day EMA (now at 139.54) and above.

In the bigger picture, current development suggests that GBP/JPY’s medium term fall from 156.59 (2018 high) is still in progress. Break of 131.51 will target 122.36 (2016 low). Structure of such decline is corrective looking so far, arguing that it’s just the second leg of consolidation from 122.36. Thus, we’d expect strong support from 122.36 to contain downside to bring reversal.

Daily Pivots: (S1) 144.32; (P) 144.97; (R1) 145.36; More…

No change in GBP/JPY’s outlook as it’s staying in range of 143.72/148.87. Intraday bias remains neutral and more sideway trading could be seen. For now, further rise remains in favor as long as 143.72 support holds. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next. However, on the downside, sustained break of 143.72 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.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm 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) 139.76; (P) 140.76; (R1) 141.64; More…

GBP/JPY dipped to 139.88 but quickly recovered from there. Intraday bias is turned neutral first. Considering mildly bullish convergence condition in 4 hour MACD, in case of another fall, downside will be contained by 139.29/47 key support level to bring rebound. On the upside, break of 142.46 will indicate short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.23; (P) 142.74; (R1) 143.25; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Sustained break of 38.2% retracement of 131.51 to 148.87 at 142.23 will target 61.8% retracement at 138.14. On the upside, above 143.76 minor resistance will turn bias neutral and bring consolidation, before staging another fall.

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) 147.82; (P) 148.51; (R1) 149.32; More…

GBP/JPY’s consolidation from 147.04 is still in progress and intraday bias remains neutral. While further rise cannot be ruled out, 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) 138.02; (P) 138.47; (R1) 139.34; More…

Outlook in GBP/JPY remains unchanged. We’d expect strong resistance from 139.88 key resistance to limit upside. On the downside, break of 136.61 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

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. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 156.96; (P) 159.37; (R1) 160.68; More…

Intraday bias in GBP/JPY remains neutral at this point. Risk will stay on the downside as long as 162.16 minor resistance holds, as correction from 168.40 could extend. On the downside, below 155.57 will target 150.95 key structural support next. Nevertheless, firm break of 162.16 will indicate that the correction has completed, and bring retest of 168.40 high next.

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 edged higher to 139.23 last week but quickly retreated. Initial bias remain neutral this week first. Further rise is in favor as long as 136.62 resistance turned support holds. On the upside, firm break of 139.73 will resume whole rise form 123.94. Next target will be 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, firm 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.

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

Daily Pivots: (S1) 140.77; (P) 141.58; (R1) 142.17; More…

GBP/JPY’s fall resumed after brief consolidation and reaches as low as 139.88 so far. Intraday bias is back on the downside. Current decline from 156.59 should target 139.29/47 key support level. We’ll pay attention to bottoming signal around there. But decisive of this support will carry larger bearish implications. On the upside, break of 142.46 will indicate short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 160.92; (P) 162.36; (R1) 164.71; More…

Break of 165.14 minor resistance suggests that pull back from 168.76 has completed at 159.97. Intraday bias is back on the upside for retesting 168.67. Firm break there will resume larger up trend. On the downside, below 159.97 will extend the correction from 168.67 towards 155.57 support.

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) 142.98; (P) 143.47; (R1) 143.95; More…

Intraday bias in GBP/JPY remains on the upside at this point. Current rally from 123.94 should target 61.8% projection of 123.94 to 142.71 from 133.03 at 144.62 first. Break will target 147.95 medium term structural resistance. On the downside, below 142.16 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

In the bigger picture, rise of 123.94 is still 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) 132.31; (P) 133.46; (R1) 134.06; More…

GBP/JPY’s fall accelerates to as low as 131.61 so far today and intraday bias remains on the downside for 131.51 low next. Decisive break there will resume larger decline from 156.69 for 122.36 next. On the upside, above 133.07 minor resistance will turn intraday bias neutral for consolidation first. Recovery should be limited below 135.66 resistance to bring fall resumption.

In the bigger picture, medium term fall from 156.59 (2018 high) is still in progress. Break of 131.51 will target 122.36 (2016 low). Structure of such decline is corrective looking so far, arguing that it’s just the second leg of consolidation from 122.36. Thus, we’d expect strong support from 122.36 to contain downside to bring reversal.

Daily Pivots: (S1) 140.87; (P) 141.78; (R1) 142.57; More…

GBP/JPY drops to as low as 140.23 so far and intraday bias remains on the downside. Current decline should target 139.29/47 key support level. We’ll pay attention to bottoming signal around there. Nonetheless, , break of 143.48 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 142.79; (P) 143.09; (R1) 143.59; More…

Intraday bias in GBP/JPY remains mildly on the downside at this point. Rebound from 139.88 should have completed at 145.67. Deeper fall would be seen to retest 139.88 low first. Break will target 139.29/47 key support zone. On the upside, above 144.20 minor resistance will turn bias back to the upside for 145.67 and possibly above.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 133.82; (P) 134.25; (R1) 134.56; More…

Intraday bias in GBP/JPY stays on the upside for 136.64 resistance. Break there should confirm completion of pull back from 139.73. Further rise should then be seen to retest 139.73 high. On the downside, below 133.94 minor support will turn bias back to the downside for 131.68 support next.

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 edged higher to 158.04 last week but failed to break through 158.19 resistance and retreated sharply. Initial bias is neutral this week first. On the downside, break of 155.11 minor support should argue that corrective pattern from 158.19 has started another falling leg. Intraday bias will be back on the downside for 152.88 support. Break there will target 148.94. Nevertheless, on the upside, sustained break of 158.19 will resume larger up trend.

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.

In the longer term picture, as long as 55 month EMA (now at 147.30) 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) 142.49; (P) 142.80; (R1) 143.03; More…

Intraday bias in GBP/JPY remains neutral as consolidation continues below 143.25 temporary top. In case of deeper retreat, downside should be contained well above 139.31 support to bring rise resumption. On the upside, break of 143.25 will resume the rally from 126.54. Sustained break of trend line resistance (now at 143.51) will pave the way to 148.87 key resistance next.

In the bigger picture, current rise from 126.54 is seen as the third leg of the consolidation pattern from 122.75 (2016 low). Further rally could be seen but for now, we’d expect strong resistance from 156.59 to limit upside. On the downside, sustained break of 135.74 resistance turned support will suggest that such rebound has completed. Deeper decline could the be seen to retest 126.54 low.

Daily Pivots: (S1) 142.89; (P) 143.28; (R1) 143.51; More…

Intraday bias in GBP/JPY is turned neutral with a temporary top formed at 143.65. Another rise is mildly in favor as long as 141.92 minor support holds. Above 143.65 will target 55 day EMA (now at 144.60) and above. On the downside, however, below 141.92 minor support will indicate completion of the rebound. And larger down trend will likely resume for 139.29/47 key support zone instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the downside acceleration makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).