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) 139.12; (P) 139.91; (R1) 140.51; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Current fall from 148.87 should target 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 141.73 resistance would indicate short term bottoming, possibly on bullish convergence condition in 4 hour MACD. Stronger rebound would then be seen.

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) 145.54; (P) 145.99; (R1) 146.30; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Consolidation pattern from 143.18 has completed with three waves up to 149.30 already. Deeper fall should be seen back to 143.18/76 support zone. On the upside, above 147.65 minor resistance will turn bias back to the upside for 149.30/99 resistance zone 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) 136.77; (P) 137.12; (R1) 137.70; More…

With current recovery and bullish convergence condition in 4 hour MACD, a short term bottom should be formed at 136.55. Intraday bias in GBP/JPY is turned neutral for some consolidations first. Stronger recovery could be seen but upside should be limited by 38.2% retracement of 146.50 to 136.55 at 140.35 to limit upside to bring fall resumption. On the downside, break of 136.55 will turn bias to the downside and extend the fall from 148.87 to 131.51 low.

In the bigger picture, current development suggests that GBP/JPY 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.

GBPJPY dropped to 143.76 last week but rebounded ahead of 143.18. As upside is limited below 146.63 minor resistance, initial bias is neutral this week first. On the upside, break of 146.63 will target a test on 148.10 resistance first. Decisive break there will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.56) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.26 is in favor to extend to 50% retracement of 195.86 (2015high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

Daily Pivots: (S1) 141.22; (P) 141.59; (R1) 142.17; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 142.71 temporary top. Near term outlook stay bullish as long as 138.24 support holds and further rise is expected. On the upside, break of 142.71 will target 161.8% projection of 123.94 to 135.74 from 129.27 at 148.36.

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) 139.76; (P) 140.32; (R1) 140.95; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 139.59 temporary low. Another rebound cannot be ruled out. But near term outlook will stay bearish as long as 143.93 resistance holds. On the downside, decisive break of 139.29/47 key support zone will carry larger bearish implications.

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) 145.70; (P) 146.65; (R1) 147.23; More…

GBP/JPY breaches 145.67 resistance turned support briefly but quickly recovered. Intraday bias stays neutral first with focus on 145.67. Decisive break there will suggest that the rebound from 139.88 has completed and turn near term outlook bearish again. GBP/USD should target 142.59 support next. On the upside, break of 147.57 will turn bias back to the upside again for 149.70.

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) 143.92; (P) 144.33; (R1) 144.89; More…

GBP/JPY’s rally resumed after brief retreat and reaches as high as 145.97 so far. Intraday bias is back on the upside for further rally. But we’d expect strong resistance from trend line (now at 146.75) to limit upside, at least on first attempt. On the downside, break of 143.78 minor support will turn bias to the downside for 141.00 support. However, sustained break of the trend line will target 149.48 resistance next.

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 149.48 will pave the way to 156.59 resistance and above.

Daily Pivots: (S1) 136.93; (P) 139.17; (R1) 140.82; More…

With 139.82 minor resistance intact, intraday bias in GBP/JPY remains on the downside. Current decline from 147.95 should target 61.8% retracement of 126.54 to 147.95 from 134.71 next. On the upside, above 139.82 minor resistance will turn intraday bias neutral first. But risk will remain on the downside for now, as long as 144.95 resistance holds.

In the bigger picture, Rejection by 148.87 resistance argues that rise from 126.54 is probably just third third leg of the consolidation pattern from 122.75 (2016 low). Medium term outlook is turned neutral first. Break of 126.54 support would resume larger down trend from 195.86 (2015 high) through 122.75 low.

Daily Pivots: (S1) 149.13; (P) 149.60; (R1) 150.42; More…

GBP/JPY’s breach of 150.31 minor resistance suggests that correction from 152.52 has completed at 148.50, ahead of 148.09 cluster support (23.6% retracement of 133.03 to 152.52 at 147.92) as expected. Intraday bias is back on the upside for retesting 152.52 high first. In case of another fall, we’d still expect strong support from 147.92/148.09 to contain downside. But, sustained break of 148.09 will bring deeper correction to 38.2% retracement at 145.07.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 154.34; (P) 154.84; (R1) 155.27; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Fall from 157.74 should be the third leg of the corrective pattern from 158.19. Deeper decline is expected as long as 155.38 minor resistance holds. Below 152.88 will target 148.94 support next. On the upside, above 155.38 minor resistance will flip bias back to the upside for 157.74/158.19 resistance zone instead.

In the bigger picture, price actions from 158.19 are currently 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) 155.28; (P) 155.76; (R1) 156.11; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Overall, further rise is still expected with 154.86 support intact. On the upside, decisive break of 158.19 high will resume larger up trend to 167.93 long term fibonacci level. On the downside, below 154.86 minor support will turn intraday bias back to the downside for deeper pull back.

In the bigger picture, strong rebound from 148.93 key structural support retains medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low), to 61.8% retracement of 195.86 to 122.75 at 167.93. Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least.

Daily Pivots: (S1) 158.99; (P) 160.05; (R1) 161.06; More…

Intraday bias in GBP/JPY is turned neutral with current retreat and some consolidations could be seen. But downside should be contained above 156.35 minor support to bring another rally. On the upside, above 161.07 will continue larger up trend, and target 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07.

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) 135.97; (P) 136.87; (R1) 137.37; More…

GBP/JPY’s break of 135.87 support suggests that corrective rebound from 133.03 has completed at 137.83 already. Intraday bias is turned back to the downside for 133.03 first. Break there will resume the decline form 142.71 to 61.8% retracement of 123.94 to 142.71 at 131.11 next. On the upside, above 137.83 will turn bias back to the upside for retesting 142.71 high instead.

In the bigger picture, rise from 123.94 is seen only 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 dropped to as low as 143.18 last week but formed a short term bottom there and recovered. Initial bias remains neutral this week for consolidation. In case of further rebound, upside should be limited by 147.04 support turned resistance to bring reversal. On the downside, below 144.52 minor support will bring retest of 143.18 first. Break will resume the decline from 153.84.

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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.94) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.26 is in favor to extend to 50% retracement of 195.86 (2015high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

Daily Pivots: (S1) 143.16; (P) 143.78; (R1) 144.33; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 142.76 temporary low. Near term outlook remains cautiously bearish as long as 146.50 minor resistance holds. Break of 142.76 will extend the fall from 149.70 for retesting 139.88 low.

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) 148.34; (P) 148.76; (R1) 149.34; More…

GBP/JPY’s recovery from 147.03 resumed by taking out 149.29 minor resistance. Further rise could be seen. But still, such choppy rise is seen as a correction. Hence, upside should be limited below 150.60 support turned resistance to bring fall resumption eventually. On the downside, below 148.16 will likely resume the decline from 153.84 through 147.04 to 144.97 low. 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.