Daily Pivots: (S1) 149.77; (P) 150.49; (R1) 151.05; More…

Intraday bias in GBP/JPY is mildly on the downside for retesting 149.03 key support level. 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) 144.73; (P) 145.11; (R1) 145.55; More…

GBP/JPY’s break of 38.2% retracement of 156.59 to 139.88 at 146.26 suggests that whole decline from 156.59 has completed at 139.88, 139.29/47 key support zone. Intraday bias stays on the upside for 149.30 key resistance for confirmation. On the downside, break of 144.66 minor support will dampen the bullish case and turn bias neutral first.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains 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) 142.70; (P) 143.20; (R1) 143.90; More….

Break of 141.3.36 minor resistance suggests short term bottoming at 141.43, on bullish convergence condition in 4 hours MACD. And, the pull back from 148.09 could have completed too. Intraday bias is turned back to the upside for 145.43 resistance first. Decisive break there should confirm this bullish case. And also, in that case, whole rally from 122.36 could be resuming through 148.42 resistance to long term fibonacci level at 150.42.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 163.78; (P) 164.25; (R1) 164.84; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, firm break of 165.26 minor resistance will argue that corrective pattern from 168.67 has completed. Further rise should be seen to retest 168.67 high next. On the downside, break of 160.37 will bring deeper fall back 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 now remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 152.96; (P) 153.31; (R1) 153.76; More…

No change in GBP/JPY’s outlook even though it’s losing upside momentum. As long as 151.74 minor support holds, further rally is expected. Current rise should target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32 first. Break will target 100% projection at 160.49 next. However, firm break of 151.74 will turn focus back to 149.40 support instead.

In the bigger picture, it now looks like GBP/JPY has finally taken out 38.2% retracement of 195.86 to 122.36 at 150.43. Medium term rise from 122.36 should be targeting 61.8% retracement at 167.78. This will now be the favored case as long as 146.96 support remains intact.

Daily Pivots: (S1) 137.08; (P) 138.33 (R1) 139.23; More…

Intraday bias in GBP/JPY is turned neutral with today’s retreat. Another rise is expected as long as 135.95 support holds. Break of 139.73 will extend the rise from 123.94 to 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, firm break of 135.95 will indicate short term topping and turn bias to the downside for 55 day EMA (now at 134.19).

In the bigger picture, we’re still 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.

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) 188.48; (P) 189.02; (R1) 189.61; More…..

Outlook in GBP/JPY remains unchanged and intraday bias stays neutral. On the downside, below 187.94 will resume the decline from 191.29 to 38.2% retracement of 178.32 to 191.29 at 186.33. Sustained break there will raise the chance of larger scale correction and target 61.8% retracement at 183.27. On the upside, though, firm break of 55 4H EMA (now at 189.29) will retain near term bullishness and bring retest of 191.29 high.

In the bigger picture, up trend from 123.94 (2020 low) is 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) 133.82; (P) 134.25; (R1) 134.56; More…

At this point, rebound from 131.68 is still mildly in favor to extend higher. Firm break of 136.34 resistance should confirm completion of pull back from 139.73 and bring retest of this high. On the downside, break of 131.95 support would resume the decline through 131.68 to 129.27 key support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) 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.

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.

Daily Pivots: (S1) 180.58; (P) 181.36; (R1) 182.15; More…

Intraday bias in GBP/JPY is turned neutral as recovery from 179.45 lost momentum after hitting 55 4H EMA. On the downside, break of 179.45 will resume the correction from 183.90 to 55 D EMA (now at 177.16). On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue. On resumption, next target is 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36, and then 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

Daily Pivots: (S1) 161.74; (P) 162.22; (R1) 162.81; More…

Intraday bias in GBP/JPY remains neutral as corrective pattern from 165.99 is still extending. Further rally is expected as long as 161.18 support holds. As noted before, corrective fall from 172.11 should have completed at 155.33 already. Break of 165.99 will target 169.26 resistance first, and then 172.11 high. However, break of 161.18 support will dampen this view and turn bias to the downside for 156.70 support 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 (2020 low) to 172.11 (2022 high) 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.

Daily Pivots: (S1) 153.25; (P) 153.61; (R1) 153.86; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, below 152.59 will likely extend the corrective pattern from 156.05 through 151.28 support. In this case, we’d expect strong support from 38.2% retracement of 136.96 to 156.05 at 148.75 to bring rebound. On the upside, above 155.13 will target a test on 156.05 high instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus is now 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, break of 149.03 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) 140.23; (P) 140.90; (R1) 141.44; More…

Focus remains on 141.50 resistance in GBP/JPY. Decisive break there will confirm resumption of rise from 126.54. Intraday bias will be turned to the upside for trend line resistance (now at 143.88). For now, near term outlook will remain bullish as long as 139.36 support holds. However, break of 139.36 will turn bias to the downside for deeper pull back to 135.74 resistance turned support.

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 135.74 resistance turned support holds.

Daily Pivots: (S1) 163.87; (P) 165.66; (R1) 166.94; More…

Intraday bias in GBP/JPY stays neutral first. Strong rebound from 55 day EMA (now at 165.37) will retain near term bullishness. Break of 169.06 minor resistance will bring retest of 172.11 high first. However, sustained break of 55 day EMA will raise the chance of larger scale correction, and target 159.71 support and below.

In the bigger picture, up trend from 123.94 (2020 low), as part of the trend from 122.75 (2016 low) is still in progress. Further rise would be seen to 161.8% projection of 122.75 to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 159.71 support holds.

Daily Pivots: (S1) 144.17; (P) 144.58; (R1) 145.16; More

A temporary low is in place in GBP/JPY at 144.01 and intraday bias is turned neutral first. On the downside below 144.01 will extend the decline from 147.76 and target 138.65 support and below. But we’d expect strong support from 135.58 to contain downside and bring rebound. On the upside, above 146.27 minor resistance will turn bias back to the upside for 147.76 instead.

In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we’d be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.

Daily Pivots: (S1) 136.39; (P) 136.89; (R1) 137.71; More…

Intraday bias in GBP/JPY remains on the upside at this point. Rise from 131.68 is target a test on 139.73 high. On the downside, break of 134.99 support is needed to indicate completion of the rebound from 131.68. Otherwise, further rally will remain in favor in case of retreat.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) 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.

GBP/JPY’s corrective fall from 156.05 resumed to 150.64 last week, but rebounded strongly since then. Initial bias is neutral this week first. In case of another fall, through 150.64 support, downside should be contained by 38.2% retracement of 136.96 to 156.05 at 148.75 to bring rebound. On the upside, firm break of 153.14 minor resistance will argue that the corrective fall has completed, on bullish convergence condition in 4 hour MACD. Stronger rise would then be seen back to 155.13/156.05 resistance zone.

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, break of 149.03 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 was an 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) 139.61; (P) 140.12; (R1) 140.54; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 139.54 temporary low. In case of another recovery, upside should be limited well below 143.72 support turned resistance to bring fall resumption. On the downside, break of 139.54 will resume the decline from 148.87 to 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.

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) 165.07; (P) 165.70; (R1) 166.75; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Corrective pattern from 168.67 could still extend further. Below 162.98 minor support will target 160.37. Nevertheless, break of 166.23 will bring retest of 168.67 high instead. And, larger up trend might be ready to resume in this case.

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.