Daily Pivots: (S1) 171.49; (P) 171.83; (R1) 172.45; More…

Intraday bias in GBP/JPY stays neutral as it’s staying in range below 172.30. 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 167.82 support should confirm short term topping, and turn bias back to the downside for deeper pull back to 165.40 support and possible below instead.

In the bigger picture, focus stays on 172.11 resistance (2022 high). Decisive break there will resume whole up trend from 123.94 (2020 low). Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. Nevertheless, firm break of 165.40 support will indicate rejection by 172.11 and extend the corrective pattern from there with another falling leg.

Daily Pivots: (S1) 165.63; (P) 166.31; (R1) 167.47; More…

Intraday bias in GBP/JPY remains neutral for the moment, and further rally is mildly in favor with 164.95 support intact. On the upside, break of 172.11 will resume larger up trend. However, break of 164.95 will bring deeper pull back to 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 148.93 support holds.

Daily Pivots: (S1) 141.12; (P) 142.22; (R1) 142.82; More

GBP/JPY reaches as low as 141.37 so far as decline from 147.76 continues. Intraday bias stays on the downside for deeper fall. Sustained trading below trend line support will pave the way to 135.58/138.65 support zone. As GBP/JPY is seen as staying in consolidation pattern from 148.42, we’d expect strong support from 135.58 to contain downside. On the upside, above 142.25 minor resistance will turn intraday bias neutral first. But near term outlook will remain bearish as long as 144.01 support turned resistance holds.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. But we’d expect strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Medium term rise is still expected to resume later. And break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. However, firm break of 135.58/39 will dampen the bullish view and turn focus back to 122.36 low.

Daily Pivots: (S1) 186.36; (P) 186.97; (R1) 187.70; More…

GBP/JPY is staying in consolidation below 188.63 and intraday bias remains neutral for the moment. While deeper retreat cannot be ruled out, near term outlook will stay bullish as long as 184.44 support holds. On the upside, break of 188.63 will resume larger up trend.

In the bigger picture, as long as 184.44 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 184.44 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.

Daily Pivots: (S1) 155.41; (P) 155.96; (R1) 156.30; More…

GBP/JPY’s correction from 158.19 is extending lower and deeper fall would be seen. But downside should be contained above 153.66 support to bring rebound. On the upside, above 158.19 will resume larger up trend from 123.94. Next target will be 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.

Daily Pivots: (S1) 185.42; (P) 185.87; (R1) 186.75; More…

GBP/JPY’s rally resumed by breaking through 185.94 and intraday bias is back on the upside. Decisive break of 186.75 resistance will confirm resumption of larger up trend. Next target will be 161.8% projection of 178.02 to 183.79 from 180.74 at 190.07. On the downside, break of 184.61 support is needed to indicate short term topping. Otherwise, further rise will remain in favor in case of retreat.

In the bigger picture, as long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper consolidations.

GBP/JPY’s strong rebound last week suggested that that it has defended 143.72 key support again. More importantly, the rise from 131.51 is possibly not completed yet. Initial bias is now on the upside this week for 147.01 resistance first. Break will solidify this bullish case and target 148.87/149.48 resistance zone next. On the downside, though, break of 144.80 minor support will turn focus back to 143.72 key support.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

Daily Pivots: (S1) 163.61; (P) 164.54; (R1) 166.17; More…

GBP/JPY’s rally is in progress today and intraday bias stays on the upside for 168.40 high. Firm break there will resume larger up trend. On the downside, below 162.88 minor support will mix up the outlook and turn intraday bias neutral first.

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) 143.79; (P) 144.12; (R1) 144.42; More…

GBP/JPY falls to as low as 143.15 so far and intraday bias remains on the downside. Decisive break of 143.18 low will resume larger decline from 156.59 and target 139.29/47 key support level next. On the upside, 144.26 minor resistance will turn intraday bias neutral first. But outlook will stay mildly bearish as long as 147.13 resistance holds.

In the bigger picture, decline from 156.59 is seen as a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. However, sustained break of 139.29/47 will confirm medium term reversal and turn outlook bearish for 122.36 (2016 low) again.

Daily Pivots: (S1) 133.74; (P) 134.21; (R1) 134.80; More…

Intraday bias in GBP/JPY remains neutral at this point and some consolidations could be seen. But further decline is expected as long as 136.46 resistance holds. As noted before, whole corrective rebound from 123.94 should have completed at 142.71. Break of 133.03 will resume the fall from 142.71 to 61.8% retracement of 123.94 to 142.71 at 131.11 next. Nevertheless, firm break of 136.46 will dampen this bearish view and turn bias back to the upside for rebound.

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) 142.64; (P) 143.45; (R1) 143.95; More…

Intraday bias in GBP/JPY remains neutral at this point. 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) 158.92; (P) 159.61; (R1) 160.82; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, break of 155.57 will extend the correction towards 150.96 key structural support. Nevertheless, on the upside, 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) 152.96; (P) 153.73; (R1) 154.54; More…

In temporary low is formed at 152.88 as GBP/JPY lost downside momentum. Intraday bias is turned neutral first. Outlook is unchanged that fall from 157.74 is seen as the third leg of the consolidative pattern from 158.19. Deeper decline is expected as long as 155.38 minor resistance holds. Below 152.88 will target 148.94 support next. On the upside, above 155.38 minor resistance will flip bias back to the upside for 157.74/158.19 resistance zone instead.

In the bigger picture, price actions from 158.19 are currently seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 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) 159.65; (P) 160.75; (R1) 162.70; More…

Intraday bias in GBP/JPY remains neutral first. 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) 182.62; (P) 182.98; (R1) 183.50; More…

GBP/JPY’s fall from 186.75 is in progress and intraday bias stays on the downside. Sustained trading below 55 D EMA (now at 182.49) will argue that it’s already in a larger scale correction and target 176.29 support next. On the upside, break of 184.39 resistance will argue that the pull back from 186.75 has completed. Intraday bias will be turned back to the upside for 185.76 resistance next.

In the bigger picture, as long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and turn outlook neutral for lengthier and deeper consolidations.

Daily Pivots: (S1) 141.58; (P) 142.02; (R1) 142.76; More…

Intraday bias in GBP/JPY remains on the upside at this point. Decisive break of 142.71 resistance will resume whole rise from 123.94 for 147.95 key resistance next. On the downside, though, considering bearish divergence condition in 4 hour MACD, break of 141.26 will confirm short term topping at 142.34, and rejection by 142.71. Intraday will will be turned back to the downside for 139.96 support next.

In the bigger picture, rise from 123.94 is seen 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) 140.91; (P) 141.49; (R1) 141.90; More…

A temporary top is in place at 142.22 and intraday bias in GBP/JPY is turned neutral first. Further rise is expected as long as 137.35 minor support holds. On the upside, above 142.22 will extend the rebound from 131.51 to 143.93 resistance first. Break will pave the way to 149.48 resistance next.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 (2018 high) already. That came after failing to break through 55 month EMA. No change in this view. Strong rebound from 131.51 argues that fall from 156.59 is just the second leg of the corrective pattern from 122.36. Break of 149.38 resistance will confirm the third leg has started to 159.69, and possibly above. Nevertheless, break of 131.51 will pave the way to retest 122.26 low.

A short term top is likely in place at 183.99 in GBP/JPY, on bearish divergence condition in 4H MACD. Initial bias is mildly on the downside this week for 179.90 support. Firm break there will target 55 D EMA (now at 175.99 ). On the upside, break of 183.99 will resume larger up trend.

In the bigger picture, as long as 172.11 resistance turned support holds, uptrend from 123.94 (2020 low) is expected to continue. On resumption, next target is 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

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) 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) 172.99; (P) 173.48; (R1) 174.02; More…

Further rally is expected in GBP/JPY as long as 171.26 support holds. Current up trend should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, break of 171.26 minor support will delay the bullish case, and turn bias to the downside for deeper retreat.

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 155.33 support holds, even in case of deep pull back.