Daily Pivots: (S1) 153.98; (P) 155.53; (R1) 158.50; More…

GBP/JPY is staying in consolidation from 148.93 and intraday bias remains neutral. For now, risk will stay on the downside as long as 160.64 support turned resistance holds. Break of 148.93 will resume the decline from 169.10 towards 141.19 fibonacci level.

In the bigger picture, rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.

Daily Pivots: (S1) 161.62; (P) 162.50; (R1) 163.87; More…

Intraday bias in GBP/JPY remains neutral for the moment, and consolidation pattern from 168.67 might extend. On the upside, above 163.97 will turn bias to the upside, and resume the rebound to 166.31 resistance. Break there will be the first sign of up trend resumption. On the downside, break of 159.42 will extend the correction 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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 148.57; (P) 149.15; (R1) 149.54; More…

GBP/JPY’s sharp fall and break of 148.16 minor support suggests that corrective recovery from 147.04 has completed at 149.99 already, ahead of 150.06 resistance as expected. Intraday bias is back on the downside for 147.04 first and then 144.97. Decisive break of 144.97 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 case of another rise, we’d continue to expect strong resistance below 150.60 support turned resistance to bring decline resumption.

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) 140.06; (P) 140.29; (R1) 140.61; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 141.50 is still in progress. Another fall cannot be ruled out, but downside should be contained above 135.74 resistance turned support to bring another rally. On the upside, break of 141.50 will resume the rise from 126.54 to for 148.87 key resistance.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is still in progress with rise from 126.54 as the third leg. Further rise should be seen back to 148.87/156.59 resistance zone. For now, we’d expect strong resistance from there to limit upside. And, this will remain the favored case as long as 130.42 support holds.

Daily Pivots: (S1) 145.28; (P) 145.89; (R1) 146.98; More…

Despite today’s sharp retreat, further rise remains mildly in favor in GBP/JPY with 144.80 minor support intact. Break of 147.01 will solidify that case that consolidation from 148.87 has completed. Further rise should be seen to retest 148.87/149.48 resistance zone next. On the downside, though, break of 144.80 minor support will turn focus back to 143.72 key support.

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) 141.10; (P) 141.74; (R1) 142.07; More…

Outlook in GBP/JPY remains unchanged. Corrective pattern from 147.95 is in progress. On the downside, break of 140.92 will target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 144.60 resistance will bring stronger rebound to retest 147.95 high.

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) 143.15; (P) 143.54; (R1) 144.22; More…

Intraday bias in GBP/JPY remains neutral first. As long as 144.02 support turned resistance holds, another decline remains mildly in favor. Below 141.17 will target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 145.18) and above.

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.

GBP/JPY fell to 188.22 last week but turned sideway since then. Initial bias remains neutral this week first. On the downside, below 188.22 will resume the decline from 191.29 to 38.2% retracement of 178.32 to 191.29 at 186.33. Sustained break there will raise the chance of larger scale correction and target 61.8% retracement at 183.27. On the upside, though, firm break of 55 4H EMA (now at 189.84) will retain near term bullishness and bring retest of 191.29 high.

In the bigger picture, up trend from 123.94 (2020 low) is 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).

In the longer term picture, rise from 122.75 (2016 low) is seen as the third leg of the pattern from 116.83 (2011 low). Further rally will remain in favor as long as 172.11 resistance turned support holds. Break of 195.86 (2015 high) is possible. But strong resistance could be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 at 199.80 to limit upside, at least on first attempt.

Daily Pivots: (S1) 134.56; (P) 135.04; (R1) 135.81; More…

Focus remains on 38.2% retracement of 148.87 to 126.54 at 135.07 in GBP/JPY. Sustained break will extend the rebound from 126.54 to 61.8% retracement at 140.33 next. However, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low.

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 extend 116.83 (2011 low).

Daily Pivots: (S1) 184.21; (P) 184.64; (R1) 185.44; More…

GBP/JPY is extending the consolidation pattern from 186.75 and intraday bias remains neutral. 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 181.98).

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.

Daily Pivots: (S1) 134.83; (P) 136.36; (R1) 138.70; More…

A temporary top is formed at 137.88 and intraday bias is turned neutral first. Some consolidation could be seen but downside should be contained well above 130.42 support to bring rise resumption. On the upside, above 137.88 will target 61.8% retracement of 148.84 to 126.54 at 140.33. Firm break there will pave the way to 148.87 resistance next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is still in progress with rise from 126.54 as the third leg. Further rise should be seen back to 148.87/156.59 resistance zone. For now, we’d expect strong resistance from there to limit upside. And, this will remain the favored case as long as 130.42 support holds.

Daily Pivots: (S1) 183.29; (P) 183.65; (R1) 184.15; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Break of 182.12 support will turn bias back to the downside for deeper correction. But downside should be contained above 172.30 resistance turned support to bring another rally. On the upside, break of 183.99 will resume larger up trend to 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target is 195.86 (2015 high). For now, medium term outlook will remain bullish as long as 172.11 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 139.45; (P) 140.59; (R1) 141.52; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 139.54 temporary low. In case of another recovery, upside should be limited well below 143.72 support turned resistance to bring fall resumption. On the downside, break of 139.54 will resume the decline from 148.87 to 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.

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) 143.04; (P) 143.37; (R1) 143.61; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 144.07 continues. Further rise is expected with 142.16 support intact. Break of 144.07 will resume larger up trend to 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 to the downside for pull back towards channel support (now at 139.13).

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) 150.15; (P) 151.06; (R1) 151.57; More…

Intraday bias in GBP/JPY remains neutral for the moment. Consolidation from 153.39 could extend but downside should be contained by 148.50 support. On the upside, firm break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

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) 141.91; (P) 142.37; (R1) 142.64; More…

Intraday bias in GBP/JPY stays neutral for the moment. Corrective pattern from 147.95 is in progress. Break of 140.83 will bring deeper fall to 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 144.60 resistance will bring stronger rebound to retest 147.95 high.

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) 129.03; (P) 129.72; (R1) 130.36; More…

GBP/JPY drops further to as low as 128.17 so far today and intraday bias remains on the downside. Current decline should target 122.36 low next. We’d be cautious on bottoming around there. On the upside, above 130.23 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited below 133.85 support turned resistance to bring fall resumption.

In the bigger picture, outlook remains clearly bearish with GBP/JPY staying well below 55 week and 55 month EMA. Medium term fall from 156.59 (2018 high) is still in progress. Next target is 122.36 (2016 low). We’d be cautious on bottoming there. But break of 135.66 resistance is needed to be the first sign of reversal. Sustained break of 122.36 will target next key level at 116.83 (2011 low).

Daily Pivots: (S1) 137.88; (P) 138.91; (R1) 139.57; More…

Intraday bias in GBP/JPY remains neutral as consolidation form 140.20 is still extending. Further rally is mildly in favor as long as 137.84 support holds. 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, to 55 day EMA (now at 136.68) first.

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) 186.64; (P) 187.32; (R1) 187.82; More…

Intraday bias in GBP/JPY is now on the downside with break of 55 4H EMA. Deeper decline is underway to 183.79 resistance turned support. Rebound from there would retain near term bullishness for another rise through 188.26 later. However, firm break of 183.79 will indicate that larger correction is underway.

In the bigger picture, as long as 178.02 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). For now, outlook will stay bullish as long as 183.79 resistance turned support holds, in case of deep pullback.

Daily Pivots: (S1) 134.73; (P) 135.29; (R1) 135.63; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Current fall from 148.87 should target 131.51 low next. On the upside, break of 136.50 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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.