Daily Pivots: (S1) 151.43; (P) 151.77; (R1) 152.28; More…

GBP/JPY’s break of 153.39 resistance confirms resumption of whole up trend from1 23.94. Intraday bias stays on the upside for 156.69 long term resistance first. Firm break there will carry larger bullish implications. Next target will be 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. Also, outlook will remain bullish as long as 151.24 support holds, in case of retreat.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 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 142.71 resistance turned 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) 151.43; (P) 151.77; (R1) 152.28; More…

GBP/JPY’s rise from 149.03 resumes by taking out 152.38. Intraday bias is back on the upside for 153.39 high first. Firm break there will resume larger up trend from 123.94. Next target is 156.69 long term resistance. For now, this will remain the favored case as long as 151.24 support holds, in case of retreat.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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 in tight range below 152.38 last week and outlook is unchanged. Initial bias stays neutral this week first. On the upside, break of 152.38 will reaffirm that case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 150.83 minor support will extend the corrective pattern with another fall to 149.03 support before completion.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 151.15; (P) 151.64; (R1) 152.03; More…

Intraday bias in GBP/JPY remains neutral for the moment. Outlook remains unchanged too. On the upside, above 152.38 will reaffirm the case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 149.03 will bring deeper fall to extend the correction from 153.39.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 151.67; (P) 151.95; (R1) 152.14; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. On the upside, above 152.38 will reaffirm the case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 149.03 will bring deeper fall to extend the correction from 153.39.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 151.16; (P) 151.61; (R1) 152.22; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. On the upside, above 152.38 will reaffirm the case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 149.03 will bring deeper fall to extend the correction from 153.39.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 151.12; (P) 151.52; (R1) 152.12; More…

Intraday bias in GBP/JPY stays neutral for the moment. On the upside, above 152.38 will reaffirm the case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 149.03 will bring deeper fall to extend the correction from 153.39.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 150.57; (P) 151.35; (R1) 151.81; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, above 152.38 will reaffirm the case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 149.03 will bring deeper fall to extend the correction from 153.39.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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 rebounded strongly to 152.38 last week, but failed to extend gain from there and retreated. Initial bias is turned neutral this week first. On the upside, above 152.38 will reaffirm the case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 149.03 will bring deeper fall to extend the correction from 153.39.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 151.31; (P) 151.86; (R1) 152.42; More…

Further is mildly in favor in GBP/JPY with 150.98 minor support intact. Correction from 153.39 should have completed with three waves down to 149.03. Retest of 153.39 should be seen next and firm break there will resume larger up trend. On the downside, below 150.98 minor support will delay the bullish case and turn bias neutral again.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 151.10; (P) 151.34; (R1) 151.66; More…

GBP/JPY break of 151.95 resistance suggests that correction from 153.39 has completed with three waves down to 149.03 already. Intraday bias is back on the upside for retesting 153.39 high next. Firm break there will resume larger up trend. On the downside, below 150.98 minor support will delay the bullish case and turn bias neutral again.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 150.50; (P) 150.88; (R1) 151.60; More…

Intraday bias in GBP/JPY remains neutral first, with focus on 141.95 resistance. Break there will indicate that correction from 153.39 has completed. Intraday bias will be turned back to the upside for retesting 153.39 high. In case of another fall, strong support should be seen at 148.50 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). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 149.77; (P) 150.08; (R1) 150.61; More…

No change in GBP/JPY’s outlook. Correction from 153.39 is still in progress and could extend lower. But downside should be contained by 148.50 support to bring rebound. On the upside, break of 151.95 will argue that larger rally is ready to resume, and bring retest of 153.39 high first. However, firm break of 148.50 will bring deeper correction to channel support (now at 143.31).

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 149.24; (P) 149.60; (R1) 150.13; More…

GBP/JPY’s correction from 153.39 is still in progress and could extend lower. But downside should be contained by 148.50 support to bring rebound. On the upside, break of 151.95 will argue that larger rally is ready to resume, and bring retest of 153.39 high first. However, firm break of 148.50 will bring deeper correction to channel support (now at 143.31).

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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 correction from 153.39 extended last week and edged lower to 149.03. But overall outlook is unchanged. Initial bias stays neutral this week first. Downside should be contained by 148.50 support to bring rebound. On the upside, break of 151.95 will argue that larger rally is ready to resume, and bring retest of 153.39 high first. However, firm break of 148.50 will bring deeper correction to channel support (now at 143.31).

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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 (now at 144.50) is 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) 149.02; (P) 149.83; (R1) 150.26; More…

Consolidation from 153.39 is still extending and intraday bias in GBP/JPY remains neutral first. Downside should be contained by 148.50 support to bring rebound. On the upside, firm break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 150.04; (P) 150.51; (R1) 150.96; More…

GBP/JPY is staying in consolidation from 153.39 and intraday bias remains neutral. Downside should be contained by 148.50 support to bring rebound. On the upside, firm break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 150.15; (P) 151.06; (R1) 151.57; More…

Intraday bias in GBP/JPY remains neutral for the moment. Consolidation from 153.39 could extend but downside should be contained by 148.50 support. On the upside, firm break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 150.32; (P) 150.82; (R1) 151.75; More…

GBP/JPY rebounds strongly today but stays below 153.39 resistance. Intraday bias remains neutral first. Consolidation from 153.39 could extend but downside should be contained by 148.50 support. On the upside, firm break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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) 149.79; (P) 150.19; (R1) 150.98; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 153.39 is extending. In case of deeper fall, downside should be contained by 148.50 support to bring rebound. On the upside, break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next. However, firm break of 148.50 will bring deeper correction to channel support (now at 143.16).

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned 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.