Daily Pivots: (S1) 143.90; (P) 145.10; (R1) 145.78; More…

Intraday bias in GBP/JPY remains on the downside as fall from 149.70 is in progress. As noted before, whole rise from 139.88 should have completed at 149.70 already. Deeper fall would be seen to 142.59 support first. Break will pave the way to retest 139.88 low. On the upside, break of 146.40 resistance is needed to indicate completion of fall from 149.70. Otherwise, near term outlook will now stay mildly bearish even in case of recovery.

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) 158.96; (P) 159.58; (R1) 160.42; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, break of 155.57 will extend the correction towards 150.96 key structural support. Nevertheless, on the upside, 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) 148.98; (P) 149.97; (R1) 150.66; More

GBP/JPY’s consolidation from 152.82 is still in progress. In case of deeper fall, downside should be contained by 38.2% retracement of 141.17 to 152.82 at 148.36 to bring rebound. Break of 152.82 will extend the larger rise from 122.36 to 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39 next.

In the bigger picture, medium term rebound from 122.36 is in progress. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. For now, the bullish scenario is preferred as long as 139.29 support holds.

Daily Pivots: (S1) 160.22; (P) 160.58; (R1) 160.97; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Further decline is expected as long as 162.24. Break of 158.57 will target 161.8% projection of 172.11 to 163.02 from 169.26 at 154.55 next. However, break of 162.24 will turn bias to the upside for stronger rebound.

In the bigger picture, sustained break of 55 week EMA (now at 161.26) will confirm medium term topping at 172.11, on bearish divergence condition in weekly MACD. Fall from 172.11 should be correcting whole up trend from 123.94 (2020 low). Deeper decline should be seen to 38.2% retracement of 123.94 to 172.11 at 153.70 and possibly below. This will now remain the favored case as long as 55 day EMA (now at 166.11) holds.

Daily Pivots: (S1) 137.41; (P) 138.22; (R1) 139.00; More…

With 140.08 resistance intact, further fall is expected in GBP/JPY. Decline from 144.77 would target medium term fibonacci level at 135.39. Overall, price action from 148.42 are seen as a consolidation pattern. We’ll look for bottoming around 135.39. Meanwhile, break of 140.08 resistance is needed to indicate short term reversal. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. 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. Or, sustained break of 50% retracement of 122.36 to 148.42 at 135.39 will turn outlook bearish for a test on 122.36 low. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement of 195.86 to 122.36 at 167.78.

Daily Pivots: (S1) 151.54; (P) 151.82; (R1) 152.17; More…

Intraday bias in GBP/JPY stays neutral first. Further rally is mildly in favor with 151.32 minor support intact. Above 152.27 will target 153.42 resistance first. Decisive break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, break of 151.32 minor support will turn bias back to the downside for 149.16 support instead.

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.

Daily Pivots: (S1) 147.63; (P) 148.19; (R1) 149.02; More…

Intraday bias in GBP/JPY remains neutral as range trading continues below 149.70. Deeper pull back cannot be ruled out. But outlook will stay remain bullish 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) 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.

Daily Pivots: (S1) 138.81; (P) 139.34; (R1) 139.74; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, break of 140.31 will resume the rebound from 133.03 for retesting 142.71 resistance next. On the downside, break of 137.19 minor support will turn bias back to the downside for 134.40 support instead.

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.

GBP/JPY recovered to 137.00 last week but failed to extend gain from there. Initial bias is neutral this week first. On the downside, break of 133.03 will resume the fall from 142.71 and target 61.8% retracement of 123.94 to 142.71 at 131.11 next. Though, break of 137.00 will extend the rebound towards 142.71 resistance.

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.

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 144.42) will dampen this view and could open up further rise back to 195.86 (2015 high).

GBP/JPY extended the corrective pattern from 158.19 last week and outlook is unchanged. Initial bias remains neutral this week first. In case of deeper pull back, downside should be contained above 153.66 support to bring rebound. On the upside, above 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.

In the longer term picture, GBP/JPY could have set up a long term up trend already with break of 156.69 resistance, and the stay above 55 month EMA. Current rise from 122.75 could target a test on 195.86 (2015 high).

Daily Pivots: (S1) 184.50; (P) 185.22; (R1) 185.89; More…

Intraday bias in GBP/JPY stays mildly on the downside at this point. Pull back from 186.45 would target 183.23 resistance turned support. Nevertheless, on the upside, break 186.45 will resume larger up trend to 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20.

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will now remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

Daily Pivots: (S1) 150.15; (P) 151.36; (R1) 152.17; More…

GBP/JPY’s break of 150.97 minor support argues that rebound from 148.93 might have completed. Intraday bias is back on the downside for 149.03 key support again. Firm break there will carry larger bearish implications. On the upside, firm break of 152.82 will suggest that correction from 156.05 has completed, and turn near term outlook bullish for retesting this high.

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.

Daily Pivots: (S1) 127.58; (P) 128.45; (R1) 129.02; More…

Focus is now on 126.54 support with today’s sharp fall. Firm break there will resume larger down trend to 122.61 support next. On the upside, break of 130.69 will bring another rebound before completing consolidation from 126.54.

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) 142.21; (P) 142.80; (R1) 143.36; More…

GBP/JPY is staying in the corrective pattern from 147.95 and outlook is unchanged. 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.

GBP/JPY’s fall from 147.95 resumed last week and accelerated to as low as 137.52. The strong break of 139.31 support raises the chance of rejection from 148.87 resistance and bearish reversal. Initial bias remains on the downside this week for 61.8% retracement of 126.54 to 147.95 from 134.71 next. On the upside, above 139.82 minor resistance will turn intraday bias neutral first. But risk will remain on the downside for now, as long as 144.95 resistance holds.

In the bigger picture, Rejection by 148.87 resistance argues that rise from 126.54 is probably just third third leg of the consolidation pattern from 122.75 (2016 low). Medium term outlook is turned neutral first. Break of 126.54 support would resume larger down trend from 195.86 (2015 high) through 122.75 low.

In the longer term picture, in spite of the current strong rally, there is no confirmation of long term bullish reversal yet. Focus is now on 156.59 key resistance. As long as it holds, another decline through 122.75 could still be seen. But firm break of 156.69 should at least bring further rally to 61.8% retracement of 195.86 to 122.75 at 167.93.

Daily Pivots: (S1) 147.71; (P) 148.93; (R1) 149.59; More….

Despite dropping sharply from 150.29, GBP/USD is holding above 147.03 minor support. Intraday bias remains neutral first. While another rise cannot be ruled out, we maintain the view that rebound from 144.97 is a corrective move. Therefore, strong resistance is expected from 150.92 (50% retracement of 156.59 to 144.97 at 150.78) to bring fall resumption. On the downside, below 147.03 will bring retest of 144.97 low first. Break will extend the decline from 156.59 to 143.51 medium term fibonacci level next. However, sustained break of 150.92 will pave the way back to retest 156.69 high.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.

Daily Pivots: (S1) 142.36; (P) 142.79; (R1) 143.27; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 147.95 is extending. 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.

GBP/JPY’s up trend continued last week and outlook is unchanged. 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. Nevertheless, break of 171.26 minor support will delay the bullish case, and turn bias to the downside for deeper 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 155.33 support holds, even in case of deep pull back.

In the longer term picture, as long as 55 M EMA (now at 154.52) holds, rise from 122.75 (2016 low) could still extend higher at a later stage to 195.86 (2015 high).

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).