Daily Pivots: (S1) 141.07; (P) 141.40; (R1) 142.02; More…

GBP/JPY is still bounded in range of 140.31/142.23 and intraday bias remains neutral. With 140.31 intact, further rise is in favor. Firm break of 142.23/71 resistance zone will resume whole rise from 123.94 to 147.95 key resistance next. On the downside, through, considering bearish divergence condition in 4 hour MACD, break of 140.31 will confirm short term topping at 142.34, and rejection by 142.71. Intraday will will be turned back to the downside for 139.96 support next.

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) 165.23; (P) 165.79; (R1) 166.17; More…

Outlook in GBP/JPY is unchanged and intraday bias stays neutral for the moment. On the upside, decisive break of 168.67 resistance will resume larger up trend. Next near term target is 100% projection of 155.57 to 168.67 from 159.97 at 173.07. On the downside, below 164.45 minor support will turn bias back to the downside for 159.97 support 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.

GBP/JPY’s decline last week argues that rebound from 126.54 has completed at 135.74, after failing to sustain above 38.2% retracement of 148.87 to 126.54 at 135.07. Initial bias stays on the downside this week for retesting 126.54 low. On the upside, break of 133.35 will turn intraday bias neutral first and turn focus back to 135.74 resistance.

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).

In the longer term picture, for now, we’re treating price actions from 122.75 (2016 low) as a corrective pattern. Hence, strong support could be seen at 122.75 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term down trend from 251.09 (2007 high). Next downside target will be 61.8% projection of 195.86 to 122.36 from 156.59 at 111.16.

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) 206.68; (P) 207.25; (R1) 208.34; More…

GBP/JPY’s rally resumed and hits as high as 208.08 so far. Intraday bias is now on the upside for 138.2% projection of 191.34 to 200.72 from 197.18 at 210.17. On the downside, below 206.12 minor support will turn intraday bias neutral and bring consolidations first.

In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62. Outlook will stay bullish as long as 200.72 resistance turned support holds, even in case of deep pullback.

Daily Pivots: (S1) 153.48; (P) 153.85; (R1) 154.41; More…

Intraday bias in GBP/JPY remains neutral for the moment. With 154.70 resistance intact, further decline remains mildly in favor. On the downside, break of 152.35 will resume the decline from 158.19 to 148.93 key support next. On the upside, however, break of 154.70 will turn bias back to the upside for retesting 158.19 high instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Further rally is still expected as long as 148.93 support holds. However, firm break of 148.93 will argue that the medium term trend has reversed and bring deeper fall back to 142.71 resistance turned support first.

Daily Pivots: (S1) 141.58; (P) 142.02; (R1) 142.76; More…

GBP/JPY’s break of 142.23 suggests rise resumption. Focus is now on 142.71 key resistance. Decisive break there will resume whole rise from 123.94 for 147.95 key resistance next. On the downside, though, considering bearish divergence condition in 4 hour MACD, break of 141.26 will confirm short term topping at 142.34, and rejection by 142.71. Intraday will will be turned back to the downside for 139.96 support next.

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) 204.18; (P) 204.53; (R1) 205.17; More…

GBP/JPY’s rally continues today and intraday bias stays on the upside. Current up trend should target 100% projection of 191.34 to 200.72 from 197.18 at 206.56 next. On the downside, below 203.87 minor support will turn intraday bias neutral and bring consolidations. But outlook will remain bullish as long as 201.59 resistance turned support holds, in case of retreat.

In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62. Outlook will stay bullish as long as 197.18 support holds, even in case of deep pullback.

Daily Pivots: (S1) 187.43; (P) 188.05; (R1) 188.98; More…

Further rise is expected in GBP/JPY with 187.08 minor support intact. Current rally should target 61.8% projection of 180.74 to 188.26 from 184.44 at 189.08 first. Break will target 100% projection at 191.96 next. On the downside, below 187.08 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

In the bigger picture, as long as 184.44 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 184.44 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.

Daily Pivots: (S1) 141.78; (P) 142.15; (R1) 142.56; 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 147.13) 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) 153.38; (P) 153.73; (R1) 154.03; More…

GBP/JPY’s fall from 158.19 resumes by breaking 152.35 support and intraday bias is back on the downside. Deeper fall would be seen back to 148.93 key support. On the upside, break of 154.70 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will stay bearish 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). Further rally is still expected as long as 148.93 support holds. However, firm break of 148.93 will argue that the medium term trend has reversed and bring deeper fall back to 142.71 resistance turned support first.

GBP/JPY’s strong rebound last week firstly suggests that rise from 131.51 is still in progress. Nevertheless, it failed to extend gains after breaching 148.75 to 148.87. Initial bias is neutral first. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next. On the downside, though, break of 143.72 support will indicate near term reversal and turn outlook bearish for 141.00 support.

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 in 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. However, firm break of 141.00 support will dampen this view and turn focus back to 131.51 low instead.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

Daily Pivots: (S1) 136.67; (P) 137.21; (R1) 137.97; More…

GBP/JPY’s decline from 147.95 accelerates to as low as 132.92 so far. 61.8% retracement of 126.54 to 147.95 from 134.71 is already met and there is no sign of bottoming yet. Intraday bias remains on the downside and sustained trading below 134.71 will pave the way back to 126.54 low. On the upside, break of 138.68 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, rejection by 148.87 resistance argues that rise from 126.54 is probably just 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.

GBP/JPY’s up trend resumed and edged higher to 190.05 last week, but then retreated. Initial bias remains neutral this week for more consolidations. Further rally is expected with 187.83 minor support intact. Break of 190.05 will target 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. However, break of 187.83 will turn bias to the downside for deeper correction back to 185.21 support instead.

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) 148.95; (P) 149.78; (R1) 150.59; More…

Decline from 156.59 extends today and intraday bias remains on the downside for 146.96 support. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 154.03 resistance is needed to confirm completion of the fall. Otherwise, outlook will remain cautiously bearish even in case of recovery.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal after rejection by 55 month EMA. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.

Daily Pivots: (S1) 161.59; (P) 161.93; (R1) 162.45; More…

GBP/JPY is still extending the consolidation from 164.61 and intraday bias remains neutral for the moment. 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) 180.95; (P) 181.95; (R1) 182.62; More…

Intraday bias in GBP/JPY remains neutral at the point. For now, the favored case is still that correction from 186.75 has completed at 178.02. Above 183.79 will resume the rise from 178.02 to retest 186.75 high. However, break of 181.23 will dampen this view, and turn bias back to the downside for 178.02 instead.

In the bigger picture, fall from 186.75 is 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) 137.32; (P) 138.32; (R1) 140.18; More…

Intraday bias in GBP/JPY remains on the upside at this point. Current rise from 126.54 is in progress for 61.8% retracement of 148.84 to 126.54 at 140.33. Firm break there will pave the way to 148.87 resistance next. On the downside, break of 136.44 minor support will turn intraday bias neutral again and bring consolidations, before staging another rally.

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) 132.98; (P) 133.85; (R1) 135.58; More…

Intraday bias in GBP/JPY remains mildly on the upside as corrective rise from 123.94 is in progress. Upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring fall resumption. On the downside, break of 129.85 minor support will bring retest of 123.94 low first. However, sustained break of 136.92 will raise the chance of trend reversal and turn focus to 144.95 resistance.

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) 132.66; (P) 133.33; (R1) 134.04; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 131.68 temporary low. As long as 136.34 resistance holds, further decline is still expected. On the downside, below 131.68 will extend the fall from1 39.73 to 129.27 support. Decisive break there will confirm completion of rebound from 123.94. Deeper fall would be seen to retest 123.94 low.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. 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.