Daily Pivots: (S1) 126.63; (P) 127.07; (R1) 127.60; More…

Intraday bias in GBP/JPY is turned neutral with the strong recovery in early US session. For now, as long as 130.06 minor resistance holds, further decline is still expected. Break of 126.54 will extend larger down trend to 122.36 low. However, break of 130.06 will indicate short term bottoming. Stronger rebound should be seen to 55 day EMA (now at 134.55).

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).

GBP/JPY stayed in range of 183.35/186.75 last week and outlook is unchanged. Initial bias remains neutral this week first. On the downside, break of 183.35 will resume the correction from 186.75, and target 55 D EMA (now at 181.76). Nevertheless, firm break of 186.75 will resume larger up trend.

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

In the longer term picture, rise from 122.75 (2016 low) in still in progress to retest 195.86 (2015 high). Based on current momentum, break of 195.86 is in favor. But strong resistance could still be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 (2011 low) at 199.80 to limit upside on first attempt.

Daily Pivots: (S1) 142.75; (P) 143.86; (R1) 145.06; More…

GBP/JPY failed to take out 145.67 and retreated. Intraday bias is turned neutral first. On the upside, break of 145.67 will target 38.2% retracement of 156.59 to 139.88 at 146.26. Decisive break there will be a strong signal that fall from 156.59 has completed at 139.88, ahead of 139.29/47 key support zone. Further rally should then be seen to 149.30 resistance for confirmation. On the downside, though, break of 142.58 will turn focus back to 139.88 low instead.

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) 148.80; (P) 150.22; (R1) 151.09; More…

GBP/JPY’s fall from 156.05 resumed by breaking 150.64 and hit as low as 149.30 so far. Intraday bias is back on the downside for 38.2% retracement of 136.96 to 156.05 at 148.75. We’d continue to look for strong support from there to bring rebound. But sustained break there will argue that it’s corrective whole up trend from 123.94, and target 142.71 resistance turned support next. On the upside, above 150.64 resistance will turn intraday bias neutral first.

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 argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

Daily Pivots: (S1) 137.16; (P) 137.50; (R1) 138.20; More…

Despite relatively weak upside momentum as seen in 4 hour MACD, further rise is still in favor in GBP/JPY as long as 135.87 minor support holds. Current rebound from 133.03 could target a test on 142.71 high. On the downside, however, break of 135.87 minor support will argue that rebound from 133.03 has completed. Intraday bias will be turned back to the downside for retesting this support first.

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) 156.81; (P) 157.00; (R1) 157.26; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 157.74 continues. Further rise is expected as long as 154.86 support holds. Decisive break of 158.19 high will resume larger up trend to 167.93 long term fibonacci level. On the downside, below 154.86 minor support will turn intraday bias back to the downside for deeper pull back.

In the bigger picture, strong rebound from 148.93 key structural support retains medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low), to 61.8% retracement of 195.86 to 122.75 at 167.93. Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least.

Daily Pivots: (S1) 139.43; (P) 140.07; (R1) 141.14; More…

GBP/JPY attempts to resume the rebound from 131.51 but cannot sustain above 139.88 resistance so far. Intraday bias remains neutral first. Sustained trading above 139.88 will dampen our bearish view and bring stronger rise to 143.93 resistance next. Nevertheless, reversal from current level, followed by 137.35 support will confirm completion of rebound from 131.51. Intraday bias will be turned back to the downside for retesting 131.51 low.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 132.39; (P) 133.25; (R1) 133.93; More…

Outlook in GBP/JPY is unchanged. Corrective rebound form 123.94 might extend higher. But 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 turn bias to the downside for retesting 123.94 low. 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) 154.23; (P) 154.60; (R1) 155.07; More…

GBP/JPY’s rally continues today and reaches as high as 155.25 so far. Intraday bias stays on the upside for retesting 156.05 high. Decisive break of 156.05/59 key resistance will carry larger bullish implications. Next target would be 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72. On the downside, below 153.66 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low), which is still in progress. Sustained break of 156.59 (2018 high) would affirm the case of long term bullish reversal, and pave the way to 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. For now, this will be the favored case as long as 148.93 structural support holds.

Daily Pivots: (S1) 169.11; (P) 169.87; (R1) 171.05; More…

Intraday bias in GBP/JPY remains neutral for the moment, and further rally is in favor. On the upside, break of 172.30 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, firm break of 167.95 should confirm short term topping, and turn bias back to the downside for deeper pull back to 165.40 support instead.

In the bigger picture, based on current momentum, up trend from 123.94 (2020 low) is likely ready to resume. Next target is 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 165.40 support holds, in case of retreat.

Daily Pivots: (S1) 144.74; (P) 145.11; (R1) 145.72; More…

GBP/JPY rises to as high as 146.07 so far today and intraday bias stays on the upside. Current up trend from 123.94 should target 147.95 structural resistance. Sustained break there will carry larger bullish implications. On the downside, break of 145.04 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, rise from 123.94 is seen 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.

Daily Pivots: (S1) 157.95; (P) 158.61; (R1) 159.77; More…

GBP/JPY’s price actions from 168.40 are seen as a corrective move. Risk will stay on the downside as long as 162.16 minor resistance holds, as correction from 168.40 could extend. On the downside, below 155.57 will target 150.95 key structural support next. Nevertheless, 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) 149.11; (P) 149.60; (R1) 150.06; More

Intraday bias in GBP/JPY remains on the upside as rebound from 146.92 is in progress for 152.82 high. Firm break there will confirm resumption of medium term rise from 122.36 and target 163.87 resistance next. On the downside, break of 149.11 minor support will turn bias to the downside and extend the correction from 152.82. In that case, we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to bring rebound.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after corrective pull back from 152.82 completes. 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. However, break of 139.29 will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.

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) 181.71; (P) 182.74; (R1) 184.47; More…

Intraday bias in GBP/JPY stays neutral at this point. On the upside, firm break of 184.15 resistance will argue that pull back from 188.63 has completed. Further rally would be seen to retest this high. On the downside, though, break of 178.71 will resume the decline from 188.63 and target 38.2% retracement of 148.93 to 188.63 at 173.46.

In the bigger picture, price actions from 188.63 medium term top are currently seen as a correction to the up trend from 148.93 (2022 low) only. As long as 172.11 resistance turned support holds, larger up trend from 123.94 (2020 low) is still in favor to resume through 188.63 at a later stage.

Daily Pivots: (S1) 147.83; (P) 148.24; (R1) 148.77; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 149.70 is extending. With 145.67 support intact, outlook stays bullish and further rally is expected. 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.

GBP/JPY stayed in consolidation from 149.70 last week and outlook is unchanged. Initial bias remains neutral this week first. With 145.67 support intact, outlook stays bullish and further rally is expected. 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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 152.97) mixed the outlook. Nonetheless, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015 high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

GBP/JPY’s late break of 136.93 last week suggests resumption of whole fall from 147.95. Initial bias is back on the downside this week for 61.8% retracement of 126.54 to 147.95 from 134.71 next. On the upside, above 138.68 minor resistance will turn intraday bias neutral again. But outlook will stay bearish as long as 140.92 support turned resistance holds, 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.

In the longer term picture, 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) 143.52; (P) 144.33; (R1) 145.05; More…

GBP/JPY’s rebound from 142.76 is still in progress and focus is on 145.81 support turned resistance. Firm break there will indicate completion of the fall from 149.70. Further rise should be seen back to 149.70. On the downside, break of 142.76 will extend the fall from 149.70 for retesting 139.88 low instead.

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) 134.73; (P) 135.29; (R1) 135.63; More…

Break of 135.08 suggests resumption of decline from 148.87. Intraday bias is turned back to the downside for 131.51 low next. On the upside, above 136.05 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 137.78 resistance holds.

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.