Daily Pivots: (S1) 136.74; (P) 137.21; (R1) 137.94; More…

Intraday bias in GBP/JPY remains at this point. On the upside, above 137.83 will resume the rebound from 133.03 to retest 142.71 high. On the downside, firm break of 135.05 support will suggest that rebound from 133.03 has completed. Also, in this case fall from 142.71 is resuming. Intraday bias will be turned back to the downside for 133.03, and then 61.8% retracement of 123.94 to 142.71 at 131.11.

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) 140.66; (P) 141.04; (R1) 141.64; More

GBP/JPY is staying in consolidation above 139.29 temporary low and intraday bias remains neutral. Near term outlook stays bearish as long as 143.18 resistance holds and deeper decline is in favor. Below 139.29 will target 135.58 key support level. At this point, price actions from 148.42 are seen as a sideway consolidation pattern. Hence, we’ll expect strong support from 135.58 to contain downside and bring rebound. Meanwhile, break of 143.18 will indicate short term reversal and turn bias back to the upside.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. We’d expect strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Medium term rise from 122.36 is still expected to resume later. And break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. However, firm break of 135.58/39 will dampen the bullish view and turn focus back to 122.36 low.

Daily Pivots: (S1) 140.16; (P) 141.84; (R1) 142.94; More…

GBP/JPY is staying in range of 140.43/144.77 and intraday bias remains neutral first. With 140.43 minor support intact, further rise is mildly in favor. Above 144.77 will extend the rise from 136.44 to 148.42 resistance next. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, however, below 140.43 minors support will turn bias to the downside to extend the pattern from 148.42 with another falling leg, possibly through 136.44.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern even. 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. Though, sustained break will extend the rebound towards 61.8% retracement at 167.78.

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Daily Pivots: (S1) 137.94; (P) 138.34; (R1) 138.63; More…

GBP/JPY’s fall extends to as low as 137.21 so far. Current decline from 148.87 should now target to retest 131.51 low. On the upside, break of 138.73 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

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) 142.63; (P) 143.12; (R1) 143.50; More…

Intraday bias in GBP/JPY stays neutral as consolidation from 144.84 continues. 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 uptrend continued last week despite some jittery. Initial bias stays on the upside this week. Next target is 100% projection of 148.93 to 172.11 from 155.33 at 178.51. On the downside, break of 172.50 support will turn bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. For now, medium term outlook will remain bullish as long as 165.99 resistance turned support holds, even in case of deep pull back.

In the longer term picture, as long as 55 M EMA (now at 155.22) holds, rise from 122.75 (2016 low) could still extend higher to 195.86 (2015 high).

Daily Pivots: (S1) 143.92; (P) 144.33; (R1) 144.89; More…

GBP/JPY’s rally resumed after brief retreat and reaches as high as 145.97 so far. Intraday bias is back on the upside for further rally. But we’d expect strong resistance from trend line (now at 146.75) to limit upside, at least on first attempt. On the downside, break of 143.78 minor support will turn bias to the downside for 141.00 support. However, sustained break of the trend line will target 149.48 resistance next.

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 149.48 will pave the way to 156.59 resistance and above.

Daily Pivots: (S1) 161.50; (P) 162.01; (R1) 162.76; More…

Intraday bias in GBP/JPY stays neutral, and consolidation from pattern from 168.67 could extend further. 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.

GBP/JPY rose to as high as 143.93 last week and break of 142.71 resistance indicates resumption of whole rise from 123.94. Initial bias stays on the upside this week for 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 neutral and bring consolidations, before staging another rally.

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.

In the longer term picture, price actions from 122.75 (2016 low) is still seen as a sideway pattern for now. Sustained break of 55 month EMA (now at 143.73) will carry long term bullish implications. But still, firm break of 156.59 resistance is needed to confirm the start of an up trend. Otherwise, overall outlook will be neutral at best first.

Daily Pivots: (S1) 139.86; (P) 140.25; (R1) 140.88; More…

Intraday bias in GBP/JPY remains neutral first. On the downside, break of 139.36 will indicate short term topping. Deeper fall should then be seen back to 135.74 resistance turned support first. On the upside, break of 141.57 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. On the downside, sustained break of 135.74 will suggest that such rebound has completed. Deeper decline could the be seen to retest 126.54 low.

Daily Pivots: (S1) 149.92; (P) 150.38; (R1) 150.92; More…

GBP/JPY drops to as low as 149.46 so far as decline from 153.84 extends. Intraday bias remains on the downside for 148.37 support next. As current fall from 153.84 is seen as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, above 150.62 minor support will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 152.71 resistance holds.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 147.44; (P) 148.27; (R1) 148.86; More…

GBP/JPY failed to take out 149.99 resistance and retreated. Intraday bias is turned neutral first. On the downside, break of 147.63 minor support will argue that rise from 143.76 has completed. And intraday bias will be turned back to the downside for 143.18/76 support zone. On the upside, above 149.30/99 will target 153.84 resistance next.

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) 151.28; (P) 151.92; (R1) 152.37; More…

Further rise is expected in GBP/JPY as long as 150.76 support holds. Current rise from 123.94 would target 156.59 long term resistance. However, considering bearish divergence condition in 4 hour MACD, break of 150.76 support will indicate short term topping, and turn bias to the downside for pull back.

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) 151.06; (P) 151.59; (R1) 152.49; More…

GBP/JPY rises to as high as 152.23 so far and met 61.8% retracement of 156.59 to 144.97 at 152.15. Intraday bias remains on the upside for further rally. Nonetheless, for now, price actions from 144.97 are still seen as corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. On the downside, below 150.62 minor support will turn intraday bias neutral first. But break of 148.37 is needed to confirm completion of the rebound. Otherwise, near term outlook will remain cautiously bearish in case of retreat.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

GBP/JPY’s consolidation from 164.61 extended last week and outlook is unchanged. Initial bias remains neutral this week and further rise 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.

In the longer term picture, as long as 55 month EMA (now at 148.20) 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).

Daily Pivots: (S1) 140.23; (P) 140.84; (R1) 141.51; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.42 short term top is in progress. Further decline should be seen to 38.2% retracement of 122.36 to 148.42 at 138.46. As note before, rise from 122.36 is seen as a corrective move. Sustained trading below 138.46 and downside acceleration will indicate that such correction is finished too. And in that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 145.38 resistance is needed to confirm completion of the fall from 148.42. Otherwise, near term outlook stays bearish in case of recovery.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Price actions from there are expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 135.89; (P) 136.61; (R1) 137.54; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, above 137.83 will resume the rebound from 133.03 for retesting 142.71 high. On the downside, though, break of 135.66 should indicate completion of the rebound and bring retest of 133.03 support 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) 196.55; (P) 198.48; (R1) 199.73; More….

GBP/JPY recovery after diving to 197.18 support, and intraday bias is turned neutral first. Nevertheless, current development suggests that rise from 191.34 has completed at 200.72 after rejection by 200.53. On the downside, break of 197.18 will resume the fall to 155.02. Further break of 195.02 will target 191.34 support next.

In the bigger picture, as long as 188.63 resistance turned support holds, long term up trend is expected to continue. Sustained trading above 200.53 will pave the way to 100% projection of 155.33 to 188.63 from 178.32 at 211.62.

Daily Pivots: (S1) 174.56; (P) 175.05; (R1) 175.80; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current up trend should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51 next. Strong resistance could be seen from there to bring pull back, at least on first attempt. But break of 172.64 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. For now, medium term outlook will remain bullish as long as 167.82 support holds, even in case of deep pull back.

Daily Pivots: (S1) 136.59; (P) 137.19; (R1) 137.63; More…

GBP/JPY is staying in consolidation from 135.38 and intraday bias remains neutral first. In case of another recovery, upside 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 to 55 day EMA (now at 139.43) and above.

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.