Daily Pivots: (S1) 160.72; (P) 161.34; (R1) 162.18; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 164.61 is still extending. Outlook remains bullish with 158.04 resistance turned support intact, and further rally is expected. On the upside, break of 164.61 will resume larger up trend to long term fibonacci level at 167.93. However, firm break of 158.19 will turn bias to the downside and bring deeper pull back.

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.

Daily Pivots: (S1) 180.57; (P) 181.70; (R1) 182.26; More…

Intraday bias in GBP/JPY stays neutral and deeper decline is expected as long as 183.34 resistance holds. On the downside, break of 180.78 will resume the fall from 186.75 to 176.29 support next. Nevertheless, firm break of 183.34 will turn bias back to the upside for retesting 186.75 high.

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) 146.33; (P) 146.56; (R1) 147.03; More…

GBP/JPY’s rebound form 143.76 is still in progress and reaches as high as 147.27 so far. Focus is now on 148.10 resistance. 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 143.18 low 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.

Daily Pivots: (S1) 146.84; (P) 147.92; (R1) 148.67; More…

GBP/JPY drops sharply today but for now it’s seen as in consolidation from 149.70. Further rise is still expected as long as 145.67 resistance turned support holds. On the upside, above 149.70 will target 153.84/156.69 resistance zone next. However, break of 145.67 will suggest that the rebound from 139.88 has completed and turn near term outlook bearish again.

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) 131.58; (P) 132.83; (R1) 133.74; More…

Intraday bias in GBP/JPY remains on the downside. Corrective rebound from 123.94 should have completed at 135.74. Deeper fall would be seen to retest this low. On the upside, in case of another rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring near term reversal.

In the bigger picture, 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) 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.

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) 130.15; (P) 131.14; (R1) 131.83; More…

Intraday bias in GBP/JPY remains on the downside at this point. Corrective rebound from 126.54 should have completed. Deeper fall should be seen to retest this low. On the upside, break of 132.24 minor resistance will turn intraday bias back to the upside for 135.74 resistance instead.

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) 162.06; (P) 162.96; (R1) 164.25; More…

GBP/JPY is staying in range below 164.61 and intraday bias remains neutral first. Further rally is expected with 158.04 support intact. On the upside, break of 164.61 will resume larger up trend to long term fibonacci level at 167.93. However, firm break of 158.19 will turn bias to the downside and bring deeper pull back.

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.

Daily Pivots: (S1) 181.26; (P) 181.91; (R1) 183.08; More…

Intraday bias in GBP/JPY is mildly on the upside with break of 182.10 temporary top. Current up trend should be seen to 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36. On the downside, however, break of 179.90 support will confirm short term topping, and turn bias back to the downside for deeper pull back.

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) 142.58; (P) 142.92; (R1) 143.32; More…

GBP/JPY’s fall resumes after brief consolidation and hits as low as 141.33 so far. Intraday bias is back on the downside for 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 143.24 minor resistance will turn intraday bias neutral and bring consolidations, before staging another decline.

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) 163.09; (P) 164.28; (R1) 164.93; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, break of 165.99 resume the whole rebound from 155.33 to 169.26 resistance next. On the downside, however, break of 162.95 minor support will mix up the outlook and turn intraday bias to the downside for 158.24 support instead.

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) 188.06; (P) 188.40; (R1) 188.93; More…

GBP/JPY’s strong break of 188.90 confirms up trend resumption. Intraday bias stays on the upside. Next near term target is 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. On the downside, below 187.83 minor support will turn intraday bias neutral and bring consolidations first. But 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).

Daily Pivots: (S1) 145.50; (P) 146.38; (R1) 147.08; More…

GBP/JPY edged lower to 145.67 but there was no follow through selling yet. Intraday bias stays neutral first and some more consolidative trading could be seen. Upside of recovery should be limited well below 149.99 resistance to bring fall resumption. Below 145.93 will target 144.97 low first. 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.

Daily Pivots: (S1) 139.23; (P) 139.64; (R1) 140.14; More…

Intraday bias in GPB/JPY remains neutral for the moment. On the downside, break of 136.78 will extend the pattern from 142.71 with a third leg. Deeper fall would be seen to 134.40 support next. On the upside, break of 140.70 will invalidate this view and extend the rebound from 133.03.

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.

Daily Pivots: (S1) 160.60; (P) 160.91; (R1) 161.29; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 158.49 minor support will turn bias back to the downside for retesting 155.33. Further break there will resume the fall from 172.11 to 153.70 fibonacci level. Nevertheless, considering bullish convergence condition in 4 hour MACD, firm break of 162.32 will argue that such decline has completed, and turn bias back to the upside for 55 day EMA (now at 163.15) and above.

In the bigger picture, as long as 153.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 153.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 164.78; (P) 165.10; (R1) 165.56; More…

Intraday bias in GBP/JPY remains on the upside at this point. Sustained break of 61.8% projection of 150.96 to 164.61 from 159.02 at 167.46 will pave the way to 100% projection at 172.68. On the downside, below 166.13 minor support will turn 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, and could pave the way back to 195.86. This will now remain the favored case as long as 150.95 support holds.

Daily Pivots: (S1) 133.38; (P) 133.99; (R1) 134.43; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 135.74 temporary top. On the upside, sustained break of 38.2% retracement of 148.87 to 126.54 at 135.07 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) 149.08; (P) 150.26; (R1) 150.89; More…

Intraday bias in GBP/JPY is back on the downside and recent decline resumed after brief recovery. The fall fro m185.19 should target 158.19 to 100% projection of 158.19 to 152.35 from 154.70 at 148.86 next, 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 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.

Daily Pivots: (S1) 150.48; (P) 150.94; (R1) 151.47; More…

Intraday bias in GBP/JPY stays on the downside with 151.75 minor resistance intact. Deeper fall in favor to retest 148.43 support. On the upside, above 151.75 minor resistance will bring stronger recovery. But break of 153.28 resistance is now needed to indicate resumption of rebound from 148.43. Otherwise, risk will stay mildly on the downside 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). 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 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 to 142.71 resistance turned support first.