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) 166.73; (P) 167.35; (R1) 168.21; More…

Intraday bias in GBP/JPY remains on the upside at this point. Current rise should continue to 169.26 resistance first. Break will bring retest of 172.11 high. For now, near term outlook will stay cautiously bullish as long as 165.38 support holds, in case of retreat.

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) 167.75; (P) 169.05; (R1) 169.78; More…

No change in GBP/JPY’s outlook and intraday bias remains neutral for consolidation below 172.11. Downside of retreat should be contained above 164.95 support to bring another rally. Break of 172.11 will resume larger up trend and target 100% projection of 148.93 to 165.69 from 159.71 at 176.47 next.

In the bigger picture, up trend from 123.94 (2020 low), as part of the trend from 122.75 (2016 low) is still in progress. Further rise would be seen to 161.8% projection of 122.75 to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 148.93 support holds.

Daily Pivots: (S1) 187.50; (P) 188.04; (R1) 188.73; More…

Intraday bias in GBP/JPY remains neutral at this point. Further rally is expected as long as 186.14 support holds. Break of 188.90, and sustained trading above 188.63, will confirm up trend resumption. Next target is 38.2% projection of 155.33 to 188.63 from 178.32 at 191.04. However, break of 186.14 will turn bias to the downside for deeper pullback.

In the bigger picture, up trend from 123.94 (2020 low) in 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) 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) 148.63; (P) 149.92; (R1) 150.65; More…

Intraday bias in GBP/JPY remains on the downside for 148.43/149.16 key support zone. Decisive break there will resume whole fall from 156.05 to 143.78 fibonacci level. On the upside, above 150.80 minor resistance will turn intraday bias back to the upside for 152.82 resistance instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support 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 38.2% retracement of 123.94 to 156.05 at 143.78 first.

GBP/JPY dipped through 183.34 to 183.04 last week, but quickly recovered. Initial bias is neutral this week first. On the upside, break of 185.67 resistance will argue that the pull back from 186.75 has completed. Further rise should then be seen through 186.75 to resume larger up trend. However, break of 183.04 will resume the decline and target 55 D EMA (now at 182.23).

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

In the longer term picture, rise from 122.75 (2016 low) in still in progress to retest 195.86 (2015 high). Based on current momentum, break of 195.86 is in favor. But strong resistance could still be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 (2011 low) at 199.80 to limit upside on first attempt.

Daily Pivots: (S1) 183.55; (P) 184.05; (R1) 184.57; More…

Intraday bias in GBP/JPY remains neutral as consolidation continues below 186.75. ON the upside, above 186.04 will argue that larger up trend is ready to resume through 186.75. On the downside, however, break of 183.51 will bring deeper correction to 55 D EMA (now at 181.87).

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

GBP/JPY rose further to as high as 142.23 last week but retreated ahead of 142.71 resistance. Initial bias is turned neutral this week first. On the downside, break of 140.31 support will indicate short term topping. Intraday bias will be turned back to the downside for 136.96 support. However, decisive break of 142.71 will resume whole rise from 123.94. Next target is 147.95 resistance.

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.

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

Daily Pivots: (S1) 154.35; (P) 154.76; (R1) 155.37; More…

Intraday bias in GBP/JPY remains neutral and further decline is expected with 155.48 resistance intact. Fall from 158.04 is seen as the third leg of the corrective pattern from 158.19. Break of 152.88 will target 148.94 support next. However, firm break of 155.48 will dampen this view and turn bias back to the upside for 158.04 resistance instead.

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) 143.47; (P) 143.80; (R1) 144.38; More…

GBP/JPY’s recovery from 140.83 extends higher today but stays below 144.36 resistance. Intraday bias remains neutral first. Correction from 147.95 could extend. But in case of another fall, downside should be contained by 139.31/77 (38.2% retracement of 126.54 to 147.95 at 139.77) to bring rebound. On the upside, above 144.36 will bring retest of 147.95 resistance. However, 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.

Daily Pivots: (S1) 158.92; (P) 159.61; (R1) 160.82; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, break of 155.57 will extend the correction towards 150.96 key structural support. Nevertheless, on the upside, 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.

Daily Pivots: (S1) 142.81; (P) 143.15; (R1) 143.41; More…

Intraday bias in GBP/JPY remains neutral first. In case of another fall, downside should be contained by 139.31/77 (38.2% retracement of 126.54 to 147.95 at 139.77) to bring rebound. On the upside, above 144.36 will bring retest of 147.95 resistance. However, 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.

Daily Pivots: (S1) 151.10; (P) 151.86; (R1) 152.28; More…

Intraday bias in GBP/JPY remains neutral first. On the downside break of 150.64 will resume the corrective fall from 156.05. We’d look for strong support from 38.2% retracement of 136.96 to 156.05 at 148.75 to bring rebound. On the upside, break of 153.46 will turn bias back to the upside for 155.13/156.05 resistance zone.

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) 138.92; (P) 139.28; (R1) 139.95; More…

Intraday bias in GBP/JPY remains neutral at this point. Further rally is expected as long as 137.84 support holds. Rise from 123.94 has just resumed and 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.

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) 179.55; (P) 180.56; (R1) 181.32; More…

Intraday bias in GBP/JPY remains 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) 162.51; (P) 163.56; (R1) 164.38; More…

Intraday bias in GBP/JPY remains on the downside for 159.42 support. But downside should be contained there to bring rebound. Overall, it’s staying in consolidation pattern from 168.40. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support 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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 159.69; (P) 161.64; (R1) 162.80; More…

Intraday bias in GBP/JPY remains neutral first. Break of 159.59 will extend the correction from 168.40 lower. But downside should be contained by 61.8% retracement of 150.95 to 168.40 at 157.61 to bring rebound. On the upside, firm break of 168.40 will resume larger up trend.

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.

GBP/JPY’s decline from 148.95 accelerated to as low as 131.22 last week. While downside momentum diminished as bit as seen in 4 hour MACD. There is no clear sign of bottoming yet. Further fall is expected this week as long as 137.20 resistance holds, for retesting 126.54 low. On the upside, break of 137.20 resistance, however, will indicate short term bottoming. Stronger rebound could then be seen to 55 day EMA (now at 140.20).

In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern. Larger down trend from 195.86 (2015 high) is not completed yet. Break of 126.54 should indicate that such down trend is resuming through 122.75 low.

In the longer term picture, GBP/JPY was rejected by 55 month EMA again, which keep outlook bearish. Large fall from 195.86 (2015 high) is in progress. It’s likely resuming whole decline from 251.09 (2007 high). This will be the favored case as long as 156.59 key resistance holds.

Daily Pivots: (S1) 140.05; (P) 140.90; (R1) 141.96; More….

GBP/JPY is staying in range of 138.65/142.75 and intraday bias remains neutral. On the downside, break of 138.65 will resume the decline from 148.09. In that case, we’d look for bottoming signal around 135.58, which is close to 135.39 fibonacci level, to bring rebound. On the upside, break of 142.75 should confirm completion of the fall from 148.09 and turn bias back to the upside for this resistance.

In the bigger picture, while the fall from 148.09 is deeper than expected, we’re not bearish in the cross yet. Price action from 148.42 is possibly developing into a sideway pattern with fall from 148.09 as the third leg. Deeper decline could be seen but we’re looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Rise from 122.36 is still mildly in favor to resume at a later stage. However, sustained break of 135.58/39 will confirm reversal and target a retest on 122.36 low.