GBP/JPY stayed in range above 150.64 last week and initial bias remains neutral this week first. Correction from 156.05 could extend through 150.64. But downside should be contained by 38.2% retracement of 136.96 to 156.05 at 148.75 to bring rebound. On the upside, break of 153.46 will turn bias back to the upside for 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) 151.38; (P) 152.10; (R1) 152.57; More…

Intraday bias in GBP/JPY remains neutral at this point. Correction from 156.05 could still extend lower. Break of 150.64 will target 149.03 cluster support level. On the upside, break of 153.46 will turn bias back to the upside for 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.

Daily Pivots: (S1) 152.07; (P) 152.68; (R1) 153.03; More…

Intraday bias in GBP/JPY is turned neutral again with break of 152.38 minor support. Correction from 156.05 could still extend lower. Break of 150.64 will target 149.03 cluster support level. On the upside, break of 153.46 will turn bias back to the upside for 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.

Daily Pivots: (S1) 152.36; (P) 152.92; (R1) 153.43; More…

Further rise is still in favor in GBP/JPY with 152.38 minor support intact. Corrective fall from 156.05 could have completed with three waves down to 150.64, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for retesting 155.13/156.05 resistance zone next. On the downside, though, break of 152.38 minor support will dampen the bullish case and turn bias neutral first. In this case, correction from 156.05 might still extend with another falling leg.

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.

Daily Pivots: (S1) 152.64; (P) 152.99; (R1) 153.57; More…

GBP/JPY’s break of 153.14 resistance now suggests that corrective fall from 156.05 has completed with three waves down to 150.64, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for retesting 155.13/156.05 resistance zone next. On the downside, though, break of 152.38 minor support will dampen the bullish case and turn bias neutral first. In this case, correction from 156.05 might still extend with another falling leg.

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.

Daily Pivots: (S1) 151.79; (P) 152.43; (R1) 153.69; More…

Intraday bias in GBP/JPY remains neutral first with focus on 153.14 minor resistance. Firm break there will argue that corrective fall from 156.05 has completed with three waves down to 150.64, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for 155.13/156.05 resistance zone. On the downside, break of 150.64 will resume the correction. But downside should be contained by 38.2% retracement of 136.96 to 156.05 at 148.75 to bring rebound.

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.

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) 150.43; (P) 151.60; (R1) 152.53; More…

Intraday bias in GBP/JPY remains on the downside at this point. Corrective decline from 156.05 would target for 149.03 support. 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 153.14 minor resistance will turn bias back to the upside for 155.13 resistance.

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) 152.25; (P) 152.71; (R1) 153.14; More…

GBP/JPY’s break of 151.28 support confirms resumption of corrective decline from 156.05. Intraday bias stays on the downside for 149.03 support. 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 153.14 minor resistance will turn bias back to the upside for 155.13 resistance.

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) 151.99; (P) 153.03; (R1) 153.70; More…

With 152.59 support broken, intraday bias in GBP/JPY is turned to the downside for 151.28 support. Break will resume the corrective fall from 156.05 towards 149.03 support. 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 154.05 minor resistance will turn bias back to the upside for 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) 153.50; (P) 153.63; (R1) 153.79; More…

Intraday bias in GBP/JPY remains neutral at this point and outlook is unchanged. 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) 153.21; (P) 153.46; (R1) 153.84; 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.

GBP/JPY stayed familiar range last week and outlook is unchanged. Initial bias stays neutral this week first. 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.

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) 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) 153.00; (P) 153.38; (R1) 154.08; More…

Intraday bias in GBP/JPY is turned neutral with recovery from 152.59. 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) 152.56; (P) 153.08; (R1) 153.54; More…

Break of 153.07 support suggests that rebound from 151.28 has completed at 155.13. Correction from 156.05 is starting another falling leg. Intraday bias is back on the downside for 151.28 support and below. 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) 153.20; (P) 153.72; (R1) 154.04; More…

Intraday bias in GBP/JPY remains neutral at this point, with focus on 153.07 minor support. Firm break there will extend the corrective pattern with another fall to 151.28 and below. But in that 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 first.

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) 153.41; (P) 153.98; (R1) 154.35; More…

Intraday bias in GBP/JPY remains neutral for the moment, and another rise mildly in favor with 153.07 minor support intact. Break of 155.13 will target a test on 156.05 high first. Nevertheless, break of 153.07 minor support will extend the corrective pattern with another fall to 151.28 and below. But in that case, we’d expect strong support from 38.2% retracement of 136.96 to 156.05 at 148.75 to bring rebound.

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.

GBP/JPY’s strong rebound last week argues that correction from 156.06 has completed at 151.28 already. But since a temporary top was formed at 155.13, initial bias is neutral this week first. On the upside, break of 155.13 will bring retest of 156.05 high. Nevertheless, break of 153.07 minor support will extend the corrective pattern with another fall to 151.28 and below. But in that case, we’d expect strong support from 38.2% retracement of 136.96 to 156.05 at 148.75 to bring rebound.

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.

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) 153.76; (P) 154.45; (R1) 155.08; More…

GBP/JPY retreats after hitting 1551.3 and intraday bias is turned neutral first. On the upside, above 155.13 will target a test on 156.05 high. Firm break there will resume larger up trend from 123.94. Nevertheless, consolidation from 156.05 could still extend with another falling leg. Break of 153.07 minor support will turn bias back to the downside for 151.28 again.

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.