Daily Pivots: (S1) 153.00; (P) 153.59; (R1) 154.28; More…

Intraday bias in GBP/JPY remains neutral at this point and with 155.20 resistance intact, further decline is expected. On the downside, below 152.97 minor support will turn bias back to the downside for 150.95 support first. Break will resume the decline form 158.04, as part of the consolidation from 158.19, to 148.94 support next. However, firm break of 155.20 will bring stronger rise back to 158.04/19 resistance zone.

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) 161.68; (P) 163.50; (R1) 165.42; More…

Intraday bias in GBP/JPY stays mildly on the downside for 159.97 support. Firm break there will raise the chance of rejection by 167.93 long term fibonacci resistance. Deeper fall would be seen to 155.57 support for confirmation. On the upside, above 164.13 minor resistance will bring retest of 168.67 high instead.

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 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 159.65; (P) 160.75; (R1) 162.70; More…

Intraday bias in GBP/JPY remains neutral first. Risk will stay on the downside as long as 162.16 minor resistance holds, as correction from 168.40 could extend. On the downside, below 155.57 will target 150.95 key structural support next. Nevertheless, 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) 145.54; (P) 146.18; (R1) 147.36; More…

As noted before, the break of 38.2% retracement of 156.59 to 139.88 at 146.26 suggests that whole decline from 156.59 has completed at 139.88, just ahead of 139.29/47 key support zone. Intraday bias remains on the upside for 149.30 resistance for confirmation. On the downside, break of 144.66 minor support will dampen the bullish case and turn bias neutral first.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains 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) 142.81; (P) 143.51; (R1) 144.24; More…

A temporary low is formed at 142.76 in GBP/JPY with today’s recovery. Intraday bias is turned neutral for consolidation. But 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) 133.74; (P) 134.21; (R1) 134.80; More…

Intraday bias in GBP/JPY remains neutral at this point and some consolidations could be seen. But further decline is expected as long as 136.46 resistance holds. As noted before, whole corrective rebound from 123.94 should have completed at 142.71. Break of 133.03 will resume the fall from 142.71 to 61.8% retracement of 123.94 to 142.71 at 131.11 next. Nevertheless, firm break of 136.46 will dampen this bearish view and turn bias back to the upside for rebound.

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.

Daily Pivots: (S1) 127.29; (P) 128.26; (R1) 129.70; More…

GBP/JPY is staying in consolidation from 126.54 and intraday bias remains neutral first. For now, as long as 130.06 minor resistance holds, further decline is still expected. Break of 126.54 will extend larger down trend to 122.36 low. However, break of 130.06 will indicate short term bottoming. Stronger rebound should be seen to 55 day EMA (now at 134.32).

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) 135.36; (P) 135.98; (R1) 136.40; More…

Intraday bias in GBP/JPY remains neutral for the moment. Further fall will remain mildly in favor as long as 138.38 minor resistance holds. Sustained break of 38.2% retracement of 123.94 to 142.71 at 135.53 will suggest that whole rebound from 123.94 has completed. Deeper fall could then be seen to 61.8% retracement at 131.11 next. Though, strong rebound from current level, followed by break of 138.38 minor resistance, will turn bias back to the upside for retesting 142.71 instead.

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) 128.87; (P) 129.61; (R1) 130.01; More…

GBP’/JPY drops to as low as 123.94 so far and break of 126.54 low confirms down trend resumption. Intraday bias stays on the downside for 122.75 long term support next. On the upside, break of 130.54 resistance is needed to indicate short term bottoming. Otherwise, outlook remains bearish in case of recovery.

In the bigger picture, current development suggests that 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.

Daily Pivots: (S1) 145.68; (P) 146.66; (R1) 147.25; More…

Despite breaching 146.28 briefly, GBP/JPY quickly recovered. Intraday bias stays neutral first. On the downside, sustained break of 146.28 will confirm completion of rebound from 142.76. And in that case, deeper fall should be seen back to 142.76 and possibly below. On the upside, decisive break of 149.70 will resume whole rise from 139.88 and target 153.84/156.59 resistance zone.

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) 141.37; (P) 141.99; (R1) 142.87; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, above 144.84 will extend the rebound from 131.51. But we’d expect strong resistance from trend line (now at 146.93) to limit upside, at least on 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.

Daily Pivots: (S1) 141.91; (P) 142.49; (R1) 142.87; More…

With 143.86 minor resistance intact, further decline is mildly in favor in GBP/JPY. Fall from 147.95 is correcting whole rally from 126.54, and should target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 143.86 minor resistance will turn bias to the upside for retesting 147.95 high instead.

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. Rejection from there will extend long term range trading. Decisive break of 156.69 will carry long term bullish implications.

Daily Pivots: (S1) 184.54; (P) 185.16; (R1) 186.25; More…

Intraday bias in GBP/JPY stays neutral for the moment as sideway trading continues. 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 182.11).

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) 149.89; (P) 150.30; (R1) 150.92; More…

GBP/JPY reaches as high as 151.20 so far today as recent rally continues. Intraday bias stays on the upside for 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. That would be close to channel resistance (from 123.94 low) at 151.77. We’d be cautious on topping from there. But decisive break of this level will indicate upside acceleration for next key resistance at 156.59. Though, break of 147.38 support will indicate short term topping and bring deeper correction.

In the bigger picture, rise from 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). With 147.95 resistance taken out, further rally would now be seen to 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.

GBP/JPY gyrated lower last week but stays above 163.02. Initial bias remains mildly on the downside this week for 163.02. Decisive break there will resume the whole fall from 172.11, and target 100% projection of 172.11 to 163.02 from 168.99 at 159.90. For now, risk will stay on the downside as long as 167.40 minor resistance holds, in case of recovery.

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.

In the longer term picture, as long as 55 month EMA (now at 151.94) holds, rise from 122.75 could still extend higher at a later stage. Next target is 195.86 (2015 high).

Daily Pivots: (S1) 143.99; (P) 144.83; (R1) 145.30; More…

GBP/JPY formed a temporary top at 145.67 and intraday bias is turned neutral first. As long as 142.81 minor support holds, another rise is mildly in favor. Above 145.67 will target trend line resistance (now at 147.01). Firm break there will be a signal of bullish reversal and should target 149.30 resistance for confirmation. However, break of 142.81 will argue that the rebound form 139.88 has completed and turn bias back to the downside for 139.29/47 key support zone.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains 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).

GBP/JPY’s strong break of 158.19 resistance last week confirmed resumption of larger up trend. Initial bias stays on the upside this week. Next target is 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, however, break of 159.01 minor support will tun intraday bias neutral, and bring consolidations first, before staging another rally.

In the bigger picture, up trend from 123.94 (2020 low) is still 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 150.95 support holds.

In the longer term picture, as long as 55 month EMA (now at 147.73) holds, we’d still favor more rally to 61.8% retracement of 195.86 to 122.75 at 167.93. Sustained break there will pave the way to 195.86 (2015 high).

GBP/JPY’s sharp decline last week argues that the consolidation pattern from 143.18 has completed with three waves up to 149.30 already. Initial bias remains on the downside this week for 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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.36) 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) 129.23; (P) 129.97; (R1) 131.17; More…

Intraday bias in GBP/JPY remains mildly on the upside. Recovery from 126.54 short term bottom would target 4 hour EMA (now at 133.21). Upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07 to bring down trend resumption. On the downside, break of 128.75 minor support will turn intraday bias back to the downside for retesting 126.54 instead.

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) 136.10; (P) 136.35; (R1) 136.54; More…

GBP/JPY’s break of 135.38 support suggests that recovery from 133.03 has completed. Corrective fall from 142.71 is possibly resume to resume. Intraday bias is turned back to the downside for 133.03 support first. Break will confirm and target 61.8% retracement of 123.94 to 142.71 at 131.11. On the upside, 136.5 minor resistance will turn bias back to the upside for 137.83 resistance 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.