Daily Pivots: (S1) 171.53; (P) 172.16; (R1) 173.10; More…

No change in GBP/JPY’s outlook and further rise is expected with 171.26 minor support intact. Current rally 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, focus stays on 172.11 resistance (2022 high). Decisive break there will resume whole up trend from 123.94 (2020 low). Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. Nevertheless, firm break of 165.40 support will indicate rejection by 172.11 and extend the corrective pattern from there with another falling leg.

Daily Pivots: (S1) 142.57; (P) 142.91; (R1) 143.29; More…

With 141.32 minor support intact, further rise could still be seen in GBP/JPY for 55 day EMA (now at 144.71). On the downside, however, below 141.32 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).

Daily Pivots: (S1) 146.71; (P) 147.42; (R1) 147.94; More…

GBP/JPY dropped sharply after hitting 148.10 and intraday bias is turned neutral first. Another rise is expected as long as 145.82 minor support holds. Above 148.10 will target 149.99 resistance first. Break there will pave the way to retest 153.84 high. However, break of 145.82 will argue that the rebound is completed and bring retest of 143.18 low.

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) 187.87; (P) 188.14; (R1) 188.51; More…

Intraday bias in GBP/JPY remains neutral as consolidation continues below 188.89. Further rally is expected as long as 186.14 resistance turned support holds. On the upside, break of 188.89, 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.

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) 134.44; (P) 134.82; (R1) 135.36; More…

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

Immediate focus is now on 184.15 in GBP/JPY after last week’s strong rebound. Sustained break there will argue that whole pull back from 188.63 has completed and bring further rally to retest this high. Nevertheless, rejection by 184.15 will retain near term bearishness for another fall through 178.32 later.

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).

Daily Pivots: (S1) 144.34; (P) 144.62; (R1) 145.04; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current rise from 133.03 should target 147.95 key medium term structural resistance. Sustained break there will carry larger bullish implications. On the downside, however, break of 142.81 support would now indicate short term topping, and turn bias to the downside for deeper pull back.

In the bigger picture, rise of 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) 184.66; (P) 185.32; (R1) 185.90; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current rise from 178.02 should target a retest of 186.76 resistance. Decisive break there will resume larger up trend. On the downside, below 184.29 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, 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.

GBP/JPY’s rise from 155.33 extended higher last week but formed a temporary top at 167.95 and retreated. Initial bias remains neutral this week first, and further rise is in favor as long as 165.38 support holds. On the upside, break of 167.95 will resume the rebound from 155.33 to 169.26 resistance. However, firm break of 165.38 will argue that the corrective pattern from 172.11 is starting another falling leg. Intraday bias will be back on the downside for 162.75 support and below.

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.

In the longer term picture, as long as 55 M EMA (now at 153.64) holds, rise from 122.75 (2016 low) could still extend higher at a later stage to 195.86 (2015 high).

Daily Pivots: (S1) 146.47; (P) 146.78; (R1) 147.25; More…

Intraday bias in GBP/JPY remains neutral as range trading continues below 148.10. On the upside, above 148.10 will resume the rebound from 143.18 and target 149.99, and then 153.84 resistance. However, break of 145.82 minor support will argue that the rebound from 143.18 is completed and bring retest of this low.

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) 161.88; (P) 162.60; (R1) 163.22; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Further rally should be seen 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) 160.16; (P) 160.55; (R1) 161.05; More…

Intraday bias in GBP/JPY remains neutral first. Break of 158.49 minor support will turn bias back to the downside for retesting 155.33. Further break there 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 163.27) 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) 159.65; (P) 160.37; (R1) 161.10; More…

Intraday bias in GBP/JPY stays neutral at this point. Further decline is expected as long as 162.24. Break of 158.57 will target 161.8% projection of 172.11 to 163.02 from 169.26 at 154.55 next. However, break of 162.24 will turn bias to the upside for stronger rebound.

In the bigger picture, sustained break of 55 week EMA (now at 161.26) will confirm medium term topping at 172.11, on bearish divergence condition in weekly MACD. Fall from 172.11 should be correcting whole up trend from 123.94 (2020 low). Deeper decline should be seen to 38.2% retracement of 123.94 to 172.11 at 153.70 and possibly below. This will now remain the favored case as long as 55 day EMA (now at 166.11) holds.

Daily Pivots: (S1) 187.63; (P) 187.94; (R1) 188.57; More…

Intraday bias in GBP/JPY is turned neutral first with a temporary top formed at 188.89. Further rally is expected as long as 186.14 resistance turned support holds. ON the upside, break of 188.89, 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.

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) 134.77; (P) 135.10; (R1) 135.62; More…

GBP/JPY’s rise from 131.68 is still in progress for 135.34 resistance and intraday bias remains on the upside. Break will confirm completion of the corrective pull back from 139.73. Further rally would be seen to 139.73 high next. On the downside, break of 133.94 minor support will turn bias 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.

Daily Pivots: (S1) 147.06; (P) 147.44; (R1) 148.00; More…

GBP/JPY’s rise from 142.76 is still in progress. Intraday bias remains on the upside for 149.70 resistance first. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 again.

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) 140.28; (P) 141.19; (R1) 141.80; More…

GBP/JPY’s break of 141.17 confirms resumption of fall from 149.48. Intraday bias is back on the downside. current fall should now target 139.29/47 key support zone. On the upside, break of 143.94 resistance is needed to indicate short term reversal. Otherwise, outlook will remain 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) 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) 140.88; (P) 141.20; (R1) 141.72; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 142.22 temporary top. Further rise is expected as long as 137.35 minor support holds. On the upside, above 142.22 will extend the rebound from 131.51 to 143.93 resistance first. Break will pave the way to 149.48 resistance next. However, break of 137.35 will suggest completion of rebound from 131.51 and bring retest of this low.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 (2018 high) 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 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) 144.18; (P) 144.96; (R1) 145.40; More…

Break of 144.37 supports indicates resumption of fall from 148.10. Intraday bias is turned to the downside for 143.18 support first. Firm break there will resume larger decline from 156.59 and target 139.25/47 cluster support level. On the upside, above 146.63 minor resistance will target 148.10 instead.

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) 129.11; (P) 130.26; (R1) 130.87; More…

Intraday bias in GBP/JPY remains on the downside at this point. Corrective rebound from 123.94 should have completed at 135.74. Deeper fall should be seen to 61.8% retracement of 123.94 to 135.74 at 128.44. Firm break there will target a test on 123.94 low. On the upside, above 131.41 minor resistance will turn intraday bias neutral first.

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.