Daily Pivots: (S1) 161.33; (P) 161.84; (R1) 162.74; More…

GBP/JPY’s rebound from 155.57 resumes by breaking 161.83 minor resistance. Intraday bias is back on the upside for retesting 168.40 high next. Firm break there will resume larger up trend. On the downside, below 160.92 minor support will turn bias back to the downside for extending the correction from 168.40.

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) 156.73; (P) 157.25; (R1) 157.92; More…

GBP/JPY is losing some upside momentum but further rise is expected with 154.85 support holds. Further rally should be seen back to retest 158.19. Firm break there 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 will retain 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) 136.65; (P) 137.79; (R1) 139.80; More…

GBP/JPY’s rise from 133.03 is still in progress. Intraday bias stays on the upside for 161.8% projection of 133.03 to 137.83 from 134.40 at 142.16, which is close to 142.71 high. On the downside, firm break of 137.83 resistance turned support is now needed to indicate completion of the rebound. Otherwise, further rise will remain in favor even in case of retreat.

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) 151.01; (P) 151.51; (R1) 152.03; More…

Intraday bias in GBP/JPY is turned neutral with a temporary low formed at 150.95. Some consolidations could be seen but outlook will stay mildly bearish as long as 155.20 resistance holds. Break of 150.95 will resume the fall from 158.04, as the the third leg of the consolidation pattern from 158.19, to 148.94 support.

In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 38.2% retracement of 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

Daily Pivots: (S1) 127.55; (P) 128.27; (R1) 129.06; More…

GBP/JPY is staying in consolidation from 126.54 and intraday bias remains neutral. 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 133.88).

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) 134.83; (P) 135.37; (R1) 135.70; More…

Intraday bias in GBP/JPY is turned neutral with today’s retreat. Another rise is mildly in favor as long as 133.94 minor support holds. Above 135.91 will target 139.74 high. However, break of 133.94 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this support instead..

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 formed a short term bottom at 135.58 last week, just ahead of 135.39 medium term fibonacci level. The development argues that whole consolidation pattern from 148.42 has completed. But we’d prefer to see decisive break of 140.08 resistance to confirm. At this point, we’re favoring the bullish case and expect further upside in GBP/JPY ahead.

Initial bias in GBP/JPY is neutral this week for some consolidations. But as long as 138.30 minor support holds, further rally is expected. Decisive break of 140.08 resistance should affirm our bullish view and target 144.77 resistance next. However, break of 138.30 will turn focus back to 135.58 low instead.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. As long as 50% retracement of 122.36 to 148.42 at 135.39 holds, another rising leg would be seen to 38.2% retracement of 195.86 to 122.36 at 150.42 and possibly above. However, firm break of 135.39 will bring retest of 122.36, with prospect of resuming the larger down trend from 195.86.

In the longer term picture, while price actions from 122.36 would develop into a medium term correction, fall from 195.86 is still seen as resuming the down trend from 251.09 (2007 high). Hence, after the correction from 122.36 completes we’d expect another fall through 116.83 low.

GBP/JPY’s fall from 148.09 extended to as low as 139.52 last week and broke 61.8% retracement of 135.58 to 148.09 at 140.35. The cross is kept well below falling 4 hour 55 EMA and inside near term falling channel. Initial bias stays on the downside this week and current fall would target 135.58 support. We’ll look for bottoming sign again around there. On the upside, break of 142.75 resistance is needed to indicate completion of fall from 148.09. Otherwise, near term outlook will say mildly bearish in case of recovery.

In the bigger picture, while the fall from 148.09 is deeper than expected, we’re not bearish in the cross yet. Price action from 148.42 is possibly developing into a sideway pattern with fall from 148.09 as the third leg. Deeper decline could be seen but we’re looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Rise from 122.36 is still mildly in favor to resume at a later stage. However, sustained break of 135.58/39 will confirm reversal and target a retest on 122.36 low.

In the longer term picture, based on the impulsive structure of the decline from 195.86 to 122.36, such fall should not be completed yet. But we will now pay close attention to the structure of the rise from 122.36 to determine whether it’s a corrective move, or an impulsive move. That would decide whether a break of 116.83 low would be seen.

Daily Pivots: (S1) 154.84; (P) 155.50; (R1) 156.78; More…

GBP/JPY’s rise from 150.95 accelerates to as high as 156.58 so far. Break of 155.20 resistance argues that pull back from 158.04 has completed. Also, the corrective pattern from 158.19 might have finished too. Intraday bias is now on the upside for 158.04/19 resistance. Firm break there will resume larger up trend. On the downside, below 154.23 minor support will turn bias neutral again.

In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 38.2% retracement of 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

Daily Pivots: (S1) 139.55; (P) 140.04; (R1) 140.62; More…

Intraday bias in GBP/JPY remains neutral for the moment and consolidation from 141.50 could extend. Another fall cannot be ruled out, but downside should be contained above 135.74 resistance turned support to bring another rally. On the upside, break of 141.50 will resume the rise from 126.54 to for 148.87 key resistance.

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) 166.66; (P) 167.09; (R1) 167.85; More…

GBP/JPY’s rally resumed by breaking through 167.95 resistance an intraday bias is back on the upside. Current rise from 155.33 should target 169.26 resistance first, and then 172.11 high. For now, near term outlook will remain cautiously bullish as long as 165.40 support holds, in case of retreat. However, firm break of 165.40 will argue that the corrective pattern from 172.11 is starting another falling leg. Intraday bias will be back on the downside for 162.75 support and below.

In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, 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) 158.29; (P) 159.10; (R1) 160.32; More…

Intraday bias in GBP/JPY stays neutral and outlook is unchanged. 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) 160.77; (P) 161.67; (R1) 162.95; More…

Intraday bias in GBP/JPY stays on the downside at this point. Firm break of 159.97 support will raise the chance of rejection by 167.93 long term fibonacci resistance. Deeper fall would be seen to 155.57 support for confirmation. On the upside, break of 165.26 minor resistance will turn bias back to the upside for retesting 168.67 high.

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) 160.20; (P) 160.86; (R1) 161.24; More…

Intraday bias in GBP/JPY remains neutral with focus staying on 161.80 resistance. Decisive break there, and sustained trading above 55 day EMA (now at 160.99) will argue that whole decline from 172.11 has completed. Bias will be back on the upside for 169.26/172.11 resistance zone. On the downside, break of 155.33 low will resume the fall from 172.11 to 153.70 fibonacci level next.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 176.61; (P) 179.27; (R1) 181.12; More…

GBP/JPY’s fall from 183.99 resumed by break through 179.45 and intraday bias is back on the downside. Sustained trading below 55 D EMA (now at 176.29) will pave the way to 38.2% retracement of 155.33 to 183.99 at 173.04. On the upside, above 180.51 minor resistance will turn intraday bias neutral first.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue through 183.99 at a later stage, towards 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

Daily Pivots: (S1) 156.63; (P) 157.08; (R1) 157.77; More…

Intraday bias in GBP/JPY remains on the upside with focus on 158.19 resistance. Decisive break there will confirm resumption of whole up trend from 123.94. Next target is 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, below 156.32 minor support will delay the bullish case and turn intraday bias neutral first.

In the bigger picture, up trend from 123.94 (2020 low) should still be in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 to 122.75 at 167.93. This will now remain the favored case as long as 148.94 support holds.

Daily Pivots: (S1) 205.24; (P) 205.82; (R1) 206.36; More…

Intraday bias in GBP/JPY is turned neutral with current retreat and some consolidations would be seen below 206.15. Further rise is expected as long as 200.72 resistance turned support holds. Firm break of 100% projection of 191.34 to 200.72 from 197.18 at 206.56 will target 138.2% projection at 210.17.

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) 139.84; (P) 140.15; (R1) 140.69; More…

With today’s strong rally, focus is now 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 144.09). 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) 135.48; (P) 135.60; (R1) 135.76; More…

GBP/JPY’s decline from 148.87 is still in progress. Further decline should be seen to 131.51 low next. On the upside, break of 137.78 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, current development suggests that GBP/JPY’s 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) 187.34; (P) 187.91; (R1) 188.96; More…

Intraday bias in GBP/JPY stays on the upside for 188.90 resistance. Firm break there will resume larger up trend. Next near term target will be 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. For now, near term outlook will stay bullish as long as 185.21 support holds, in case of retreat.

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).