Daily Pivots: (S1) 168.49; (P) 169.38; (R1) 170.86; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Some consolidations would be seen but downside should be contained by 165.40 support. Break of 172.30 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51.

In the bigger picture, based on current momentum, up trend from 123.94 (2020 low) is likely ready to resume. Next target is 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 165.40 support holds, in case of retreat.

GBP/JPY’s rise last week indicates that pull back from 188.90 has completed at 185.21 already. Initial bias remains on the upside this week. Decisive break there will confirm larger up trend resumption. Next near term target will be 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. For now, near term outlook will stay bullish as long as 185.21 support holds, in case of retreat.

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).

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.

Daily Pivots: (S1) 162.09; (P) 162.84; (R1) 163.29; More…

Intraday bias in GBP/JPY is turned neutral with a temporary top formed at 163.73. The favored case is still that correction from 172.11 has completed with three waves down to 155.33. Above 163.73 would resume the rebound from1 55.33 to 169.26/172.11 resistance zone. However, break of 160.44 minor support will dampen this case and bring retest of 155.33 low instead.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 to 172.11 at 153.70 intact, 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.

GBP/JPY’s rally continued last week to 142.71 but retreated since then. Initial bias is neutral this week for some consolidations first. Further rise is expected as long as 138.24 support holds. Break of 142.71 will target 138.2% projection of 123.94 to 135.74 from 129.27 at 145.57 next. On the downside, however, break of 138.24 support will confirm short term topping, and turn bias back to the downside for 55 day EMA (now at 137.75).

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.

In the longer term picture, repeated rejection by 55 month EMA indicate long term bearishness in the cross. Down trend from 251.09 (2007 high) should eventually resume through 122.75 to 116.83 (2011 low) and below. However, sustained break of 55 month EMA (now at 144.65) will dampen this view and could open up further rise back to 195.86 (2015 high).

Daily Pivots: (S1) 140.07; (P) 140.41; (R1) 140.97; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 141.50 is extending. 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) 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.

GBP/JPY edged higher to 152.52 last week but retreated since then. Breach of 150.76 minor support suggests short term topping, on bearish divergence condition in 4 hour MACD, after hitting medium term channel resistance. Intraday bias is mildly on the downside this week for pull back. But downside should be contained by 148.09 cluster support ( 23.6% retracement of 133.03 to 152.52 at 147.92) to bring rebound. For now, risk will stay mildly on the downside for more pull back as long as 152.52 holds, in case of recovery.

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.

In the longer term picture, the strong break of 55 months EMA (now at 143.95) is a 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) 148.86; (P) 149.45; (R1) 149.81; More…

Intraday bias in GBP/JPY stays neutral first. Corrective recovery from 147.04 could still extend higher. But upside should be limited below 150.60 support turned resistance to bring decline resumption. On the downside, break of 148.16 will turn bias to the downside for 147.04 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 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) 140.87; (P) 141.78; (R1) 142.57; More…

GBP/JPY drops to as low as 140.23 so far and intraday bias remains on the downside. Current decline should target 139.29/47 key support level. We’ll pay attention to bottoming signal around there. Nonetheless, , break of 143.48 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate 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) 150.65; (P) 151.29; (R1) 151.61; More…

GBP/JPY’s decline accelerates today and intraday bias stays on the downside for 148.43/149.16 key support zone. Decisive break there will resume whole fall from 156.05 to 143.78 fibonacci level. On the upside, above 150.80 minor resistance will turn intraday bias neutral first.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

GBP/JPY edged higher to 140.70 last week but upside momentum has been very unconvincing. Still, further rise is mildly in favor as long as 138.23 support holds. Current rebound from 133.03 would target a test on 142.71 high. On the downside, however, break of 138.23 will argue that the pattern from 142.71 is starting another falling leg. Intraday bias will be turned back to the downside for 134.40 support and possibly below.

In the bigger picture, rise from 123.94 is 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.

In the longer term picture, repeated rejection by 55 month EMA indicate long term bearishness in the cross. Down trend from 251.09 (2007 high) should eventually resume through 122.75 to 116.83 (2011 low) and below. However, sustained break of 55 month EMA (now at 143.38) will dampen this view and could open up further rise back to 195.86 (2015 high).

GBP/JPY’s fall from 158.19 continued last week and hit as low as 148.97. Initial bias is on the downside this week with focus on 100% projection of 158.19 to 152.35 from 154.70 at 148.86, which is close to 148.93 key structural support. Decisive break there will carry larger bearish implication and target 161.8% projection at 145.25 next. In any case, outlook will stay bearish as long as 152.35 support turned resistance holds, in case of recovery.

In the bigger picture, the break of medium term channel support, and bearish divergence condition in week MACD are raising the chance of medium term topping at 158.19. Firm break of 148.93 support will argue that GBP/JPY is at least correcting the whole rise from 123.94 (2020 low). In this case, deeper fall would be seen to 38.2% retracement of 123.94 to 158.19 at 145.10. Nevertheless, strong rebound from 148.93 will retain medium term bullishness for another rise through 158.19 at a later stage.

In the longer term picture, as long as 55 month EMA (now at 146.38) holds, we’d still favor more up trend to 61.8% retracement of 195.86 to 122.75 at 167.93. But sustained trading below 55 month EMA will at least neutralize medium term bullishness and re-open the chance of revisiting 122.75 low (2016 low).

Daily Pivots: (S1) 182.01; (P) 183.17; (R1) 184.68; More…

Intraday bias in GBP/JPY is turned neutral first with current retreat. On the downside, break of 181.66 minor support will suggest that rebound from 178.58 has completed. Intraday bias will be back to the downside for retesting 178.58 low. Overall outlook will stay bearish as long as 184.44 support turned resistance support turned resistance holds.

In the bigger picture, while a medium term top is in place at 188.63, there is no clear sign of long term bearish trend reversal yet. As long as 55 W EMA (now at 175.67) holds, price actions from 188.63 are seen as a corrective move only. Larger up trend from 123.94 (2022 low) could resume at a later stage.

Daily Pivots: (S1) 144.59; (P) 145.19; (R1) 145.75; More…

Intraday bias in GBP/JPY remains neutral for the moment as range trading continues. On the downside, decisive break of 143.72 support 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 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) 135.98; (P) 136.49; (R1) 137.18; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 135.38. Upside of recovery should be limited by 138.32 resistance to bring fall resumption. On the downside, break of 135.38 will extend recent fall from 148.87 to retest 131.51 low. Though, firm break of 135.38 will confirm short term bottoming and bring stronger rebound first.

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

Daily Pivots: (S1) 138.02; (P) 138.47; (R1) 139.34; More…

GBP/JPY’s rebound from 131.51 short term bottom is still in progress and intraday bias stays mildly on the upside. We’d expect strong resistance from 139.88 key resistance to limit upside. On the downside, break of 136.61 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 156.47; (P) 157.12; (R1) 157.77; More…

Intraday bias in GBP/JPY remains neutral and consolidation from 158.19 could extend further. On the upside, break of 158.19 will resume larger up trend from 123.94. Next target will be 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.

Daily Pivots: (S1) 134.06; (P) 134.44; (R1) 135.04; More…

GBP/JPY is losing some downside momentum. But further decline is expected with 136.05 resistance intact. Current fall from 148.87 should target 131.51 low next. Though, break of 126.05 will indicate short term bottoming and bring stronger rebound to 137.78 resistance and above.

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.

Daily Pivots: (S1) 134.68; (P) 135.42; (R1) 135.89; More…

Intraday bias in GBP/JPY stays on the downside at this point. As noted before, whole corrective rebound from 123.94 should have completed at 142.71. Deeper fall would be seen to 61.8% retracement of 123.94 to 142.71 at 131.11 next. On the upside, above 136.58 minor resistance will turn bias neutral and bring consolidations, before staging another fall.

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) 136.33; (P) 137.08; (R1) 138.19; More…

GBP/JPY’s rally resumed after brief consolidation and intraday bias is back on the upside. Current rise from 123.94 should target 100% projection of 123.94 to 135.74 from 129.27 at 141.07 next. On the downside, break of 135.95 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, overall, price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. Current development suggests that it might extend with another rising leg. But still, an eventual downside break out is expected as long as 147.95 resistance holds. Firm break of 122.75 will resume larger down trend from 195.86 (2015 high).