Daily Pivots: (S1) 165.88; (P) 166.26; (R1) 166.81; More…

Breach of 166.82 temporary top suggests that rise from 155.33 is resuming. Intraday bias is back on the upside, and further rally would be seen to 169.26 resistance. On the downside, below 165.38 minor support will turn intraday bias neutral again. But still, outlook will stay cautiously bullish as long as 162.75 support holds.

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) 181.10; (P) 181.71; (R1) 182.20; More…

Intraday bias in GBP/JPY remains neutral for the moment, and some more consolidations could be seen above 180.78. But further decline is expected as long as 183.34 resistance holds. Break of 180.78 will resume the fall from 186.75 to 176.29 support next.

In the bigger picture, fall from 186.75 is currently seen as a corrective move only. 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.

Daily Pivots: (S1) 159.80; (P) 160.99; (R1) 161.86; More…

Intraday bias in GBP/JPY remains neutral and consolidation from 158.54 temporary low could extend. But still, current development suggests that fall from 165.99 is a falling leg of the whole decline from 172.11. Deeper decline is expected as long as 164.12 resistance holds. Break of 158.54 will target a retest on 155.33 low.

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) 139.19; (P) 139.60; (R1) 140.20; More…

GBP/JPY breached 138.53 support briefly but quickly recovered. As it’s staying in range of 138.53/142.79, intraday bias remains neutral first. Price actions from 148.42 are seen as a corrective pattern. Break of 138.53 support will bring deeper decline to 136.44 support and possibly below. However, we’d expect strong support at 50% retracement of 122.36 to 148.42 at 135.39 to bring rebound. On the upside, above 142.79 will turn bias back to the upside for 144.77 and above.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

GBP/JPY recovered to 147.19 last week but lost momentum well below 148.87 resistance. Initial bias remains neutral this week and more consolidation could be seen first. 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. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next.

In the bigger picture, focus is now 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.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

Daily Pivots: (S1) 132.22; (P) 132.75; (R1) 133.18; More…

Intraday bias in GBP/JPY remains neutral at this point, with focus on 132.17. On the downside, break of 132.17 support will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned to the downside for retesting 126.54 low. On the upside, sustained break of 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will target 116.83 (2011 low).

Daily Pivots: (S1) 149.70; (P) 151.14; (R1) 151.94; More…

The sharp fall from 153.66 is now taken as an early sign of trend reversal in GBP/JPY. Intraday bias is now on the downside for 149.40 support first. Break will target 146.96 key support next. On the upside, above 151.74 minor resistance will turn intraday bias neutral.

In the bigger picture, considering bearish divergence condition in daily MACD, the steep fall from 153.66 is now seen as first sign of trend reversal. Focus will turn to 146.96 support. Firm break there will at later confirm medium term topping and target 139.39 support next.

Daily Pivots: (S1) 148.89; (P) 149.45; (R1) 149.90; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 147.95. With 151.90 resistance intact, deeper decline is expected. Below 147.95 will resume the fall from 156.59 and target 146.96 support next. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 151.19 will indicate short term bottoming and turn bias back to the upside for rebound.

In the bigger picture, the case for medium term reversal continues to build up on loss of medium term momentum as seen in weekly MACD. Also, firm break of 146.96 will indicate rejection by 55 month EMA (now at 154.60) and add to that case of reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43. Meanwhile, break of 156.59 will extend the rise from 122.36 to 61.8% retracement of 195.86 to 122.36 at 167.78.

Daily Pivots: (S1) 164.02; (P) 165.81; (R1) 166.81; More…

GBP/JPY’s retreat from 168.40 extends lower today but stays above 159.02 support. Intraday bias remains neutral first and outlook stays bullish. On the upside, break of 168.40 will resume larger up trend. However, firm break of 159.02 will dampen this bullish case and bring deeper pull back.

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.

Daily Pivots: (S1) 180.88; (P) 181.44; (R1) 182.07; More…

Intraday bias in GBP/JPY remains on the downside as fall from 183.99 short term top is in progress for 179.90. Firm break there will target 55 D EMA (now at 176.39). On the upside, above 182.00 minor resistance will turn intraday bias neutral first.

In the bigger picture, as long as 172.11 resistance turned support holds, uptrend from 123.94 (2020 low) is expected to continue. On resumption, next target is 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

GBP/JPY was still stuck in range after failing to break through 153.42 resistance last week. Initial bias remains neutral this week first. On the upside, break of 153.42/46 resistance will reaffirm the case that correction from 156.05 has completed at 148.43. Intraday bias will be back on the upside for retesting 156.05. On the downside, though, below 151.14 will bring deeper fall back to retest 148.43 instead.

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, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

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) 188.70; (P) 189.31; (R1) 189.87; More…

Intraday bias in GBP/JPY remains neutral at this point, for consolidations below 190.05. Break 190.05 will resume larger up trend. However, break of 187.83 will turn bias to the downside for deeper correction back to 185.21 support instead.

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) 166.60; (P) 166.98; (R1) 167.66; More…

Intraday bias in GBP/JPY stays neutral and sideway trading continues. On the downside, break of 164.02 should resume the whole fall from 172.11 through 163.02 support. Nevertheless, on the upside, break of 168.99 resistance will bring stronger rebound to retest 172.11 high instead.

In the bigger picture, medium term upside momentum has been diminishing as seen in bearish divergence condition in weekly MACD. Sustained break of 55 week EMA (now at 160.66) will argue that it’s already correcting whole up trend from 123.94 (2020 low). Nevertheless, before that, such up trend could still extend through 172.11 high.

Daily Pivots: (S1) 171.92; (P) 172.35; (R1) 172.98; More…

While GBP/JPY continues to lose upside momentum,. there is no sign of topping yet. Further rally 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) 185.27; (P) 186.02; (R1) 186.50; More…

GBP/JPY’s steep fall and break of 184.53 minor support suggests that a short term top was in place at 186.75. Intraday bias is back on the downside for 55 D EMA (now at 180.84). For now, risk will remain on the downside as long as 186.75 resistance holds, in case of recovery.

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

Daily Pivots: (S1) 147.99; (P) 148.64; (R1) 149.94; More…

GBP/JPY’s rally is still in progress and intraday bias stays. Break of 149.30 resistance now indicates completion of whole corrective fall from 156.59 at 139.88. Further rally should be see back to 153.84/156.69 resistance zone. On the downside, below 148.51 minor support will turn intraday bias neutral and bring consolidation first. But retreat should be contained above 145.67 resistance turned support to bring rise resumption.

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 neat term support holds.

Daily Pivots: (S1) 142.29; (P) 143.37; (R1) 144.02; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 144.84 temporary top. Further rise is still expected as long as 140.62 support holds. Above 144.84 will extend the rebound from 131.51 to trendline resistance at around 147.35. We’d expect strong resistance from there to limit upside at 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.

GBP/JPY’s recovery last week indicates short term bottoming at 144.97. Initial bias remains neutral this week for consolidation above there. In case of stronger rise, upside should be limited by 150.92 (50% retracement of 156.59 to 144.97 at 150.78 to bring fall resumption. Break of 144.97 will extend the decline from 156.59 to 143.51 medium term fibonacci level next.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.

In the longer term picture, rejection from 55 month EEMA (now at 154.20) argues that medium term rebound from 122.36 might be completed. And, the corrective structure also carries some bearish implication today. Sustained break of 135.58 key support will likely bring retest of 122.36 low, with prospect of resuming the long term down trend from 195.86 (2015 high).

Daily Pivots: (S1) 145.22; (P) 145.53; (R1) 145.79; More…

No change in GBP/JPY’s outlook. With 14651 minor resistance intact, deeper fall is expected to 143.18/76 support zone. Break will resume larger decline from 156.59. On the upside, though, above 146.51 minor resistance will turn bias back to the upside for 149.30/99 resistance zone instead.

In the bigger picture, decline from 156.59 is seen as 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.

GBP/JPY’s breach of 172.30 resistance last week argues that larger up trend is resuming. Initial bias is mildly on the upside this week. Next target is 100% projection of 148.93 to 172.11 from 155.33 at 178.51. For now, outlook will stay bullish as long as 167.82 support holds, in case of 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 167.82 support will indicate rejection by 172.11 and extend the corrective pattern from there with another falling leg.

In the longer term picture, as long as 55 M EMA (now at 154.46) holds, rise from 122.75 (2016 low) could still extend higher at a later stage to 195.86 (2015 high).