Daily Pivots: (S1) 132.16; (P) 132.97; (R1) 133.45; More…

No change in GBP/JPY’s outlook. Another rise could still be seen, 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 bring retest of 123.94 low first. 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) 183.16; (P) 184.55; (R1) 185.74; More…

Intraday bias in GBP/JPY stays on the downside at this point. Fall from 186.75 short term top is in progress for 55 D EMA (now at 180.84). For now, risk will remain on the downside as long as 186.75 resistance holds, in case of recovery.

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

Daily Pivots: (S1) 140.54; (P) 141.83; (R1) 142.57; More…

GBP/JPY’s break of 141.25 support suggests that corrective fall from 147.95 is extending. Intraday bias is back on the downside for 140.83 support first. Break there will target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 143.28 resistance will turn intraday bias neutral again first.

In the bigger picture, rise from 126.54 could either be the third leg of the consolidation pattern from 122.75 (2016 low), or the start of a new up trend. In either case, further rally is expected as long as 139.31 support holds, into 148.87/156.59 resistance zone. Reaction from there should reveal which case it should be in. However, sustained break of 139.31 support will dampen this case and turn medium term outlook neutral first.

Daily Pivots: (S1) 184.99; (P) 185.55; (R1) 186.62; More…

Intraday bias in GBP/JPY is back on the upside with break of 186.77 minor resistance. Retest of 188.26 high should be seen next. Decisive break there will resume larger up trend. On the downside though, below 184.44 support will resume the fall from 188.26 to 183.79 resistance turned support.

In the bigger picture, as long as 180.74 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 180.74 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) 144.13; (P) 145.26; (R1) 146.39; More…

Intraday bias in GBP/JPY remains neutral first. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next. On the downside, though, break of 143.72 support will indicate near term reversal and turn outlook bearish for 141.00 support.

In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline in turn argues that it’s the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.48 will pave the way to 156.59 resistance and above. However, firm break of 141.00 support will dampen this view and turn focus back to 131.51 low instead.

Daily Pivots: (S1) 137.15; (P) 138.16; (R1) 139.17; More…

Intraday bias in GBP/JPY remains on the downside with 139.82 minor resistance intact. Current decline from 147.95 should target 61.8% retracement of 126.54 to 147.95 from 134.71 next. On the upside, above 139.82 minor resistance will turn intraday bias neutral first. But risk will remain on the downside for now, as long as 144.95 resistance holds.

In the bigger picture, Rejection by 148.87 resistance argues that rise from 126.54 is probably just third 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.

Daily Pivots: (S1) 146.18; (P) 147.44; (R1) 149.53; More…

Despite breaching 148.57 resistance, GBP/JPY cannot sustain above this resistance yet. Intraday bias in GBP/JPY remains neutral first. On the upside, decisive break of 148.75 will resume rebound from 131.51 and target 149.48 key resistance next. On the downside, break of 143.72 will resume the pull back from 148.57 to 141.00 support.

In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline in turn argues that it’s the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.48 will pave the way to 156.59 resistance and above. However, firm break of 141.00 support will dampen this view and turn focus back to 131.51 low instead.

Daily Pivots: (S1) 134.79; (P) 135.23; (R1) 135.75; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 133.85 temporary low continues. Outlook stays bearish with 136.05 resistance intact. On the downside, break of 133.85 will extend the decline from 148.87 to retest 131.51 low. Though, break of 136.05 will indicate short term bottoming and bring stronger rebound to 137.78 resistance.

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.

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) 138.51; (P) 139.28; (R1) 139.95; More…

GBP/JPY’s rebound from 131.51 extends today and focus remains on 139.88 resistance. 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) 156.12; (P) 156.79; (R1) 157.50; More…

Intraday bias in GBP/JPY is turned neutral for consolidations first. Further rally 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 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) 190.40; (P) 190.68; (R1) 191.10; More….

GBP/JPY’s break of 190.32 suggests short term topping at 191.29. Considering bearish divergence condition in 4H MACD, it could now be correcting whole rally from 178.32. Intraday bias is back on the downside for 188.90 resistance turned support first. Firm break there will target 38.2% retracement of 178.32 to 191.29 at 186.33. For now, risk will stay on the downside as long as 191.29 resistance holds, in case of recovery.

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).

Daily Pivots: (S1) 161.96; (P) 162.94; (R1) 163.58; More…

Intraday bias in GBP/JPY stays neutral as correction from 168.40 is extending. In case of another fall, downside should be contained by 61.8% retracement of 150.95 to 168.40 at 157.61 to bring rebound. On the upside, firm break of 168.40 will resume larger up trend.

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.

Daily Pivots: (S1) 162.11; (P) 162.90; (R1) 164.43; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Pull back from 165.99 could have completed at 158.24 already. Further rise should be seen to 165.99 first. Break there will resume the whole rebound from 155.33 to 169.26 resistance. On the downside, however, break of 160.71 will mix up the outlook and turn intraday bias neutral.

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) 169.91; (P) 171.02; (R1) 171.70; More…

GBP/JPY retreated after hitting 172.11 and intraday bias is turned neutral first. Downside of retreat should be contained above 164.95 support to bring another rally. Break of 172.11 will resume larger up trend and target 100% projection of 148.93 to 165.69 from 159.71 at 176.47 next.

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) 182.73; (P) 183.32; (R1) 183.95; More…

Intraday bias in GBP/JPY stays mildly on the downside for the moment. Fall from 186.75 would target 55 D EMA (now at 182.31). Sustained break there will argue that it’s already in a larger scale correction and target 176.29 support next. On the upside, break of 185.67 resistance will indicate that the pull back from 186.75 has completed. Further rise should then be seen through 186.75 to 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.

Daily Pivots: (S1) 141.60; (P) 141.96; (R1) 142.28; More…

Intraday bias in GBP/JPY remains neutral and consolidation could extend. With 140.31 support intact, further rise is still expected. On the upside, firm break of 142.23/71 resistance zone will resume whole rise from 123.94 to 147.95 key resistance next. On the downside, though, considering bearish divergence condition in 4 hour MACD, break of 140.31 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) 167.48; (P) 168.61; (R1) 169.78; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 170.07 is still in progress. Downside of retreat should be contained above 159.71 support to bring another rally. Break of 170.07 will target 100% projection of 148.93 to 165.69 from 159.71 at 176.47.

In the bigger picture, current development suggests that 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 pave the way to retest 195.86 high. This will now remain the favored case as long as 148.93 support holds.

Daily Pivots: (S1) 183.15; (P) 183.54; (R1) 184.14; More…

Despite loss of downside momentum, further decline is expected in GBP/JPY as long as 185.67 resistance holds. Next target is 55 D EMA (now at 182.31). Sustained break there will argue that it’s already in a larger scale correction and target 176.29 support next. On the upside, break of 185.67 resistance will indicate that the pull back from 186.75 has completed. Further rise should then be seen through 186.75 to 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.

GBP/JPY’s decline last week argues that corrective rebound from 133.03 has completed at 140.31. Initial bias is neutral this week first with another fall expected. Break of 137.19 will target 134.40 support to confirm this bearish case. However, on the upside, break of 138.86 minor resistance will turn bias back to the upside for 140.31 instead.

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.

In the longer term picture, repeated rejection by 55 month EMA indicate long term bearishness in the cross. Down trend from 251.09 (2007 high) should eventually resume through 122.75 to 116.83 (2011 low) and below. However, sustained break of 55 month EMA (now at 143.38) will dampen this view and could open up further rise back to 195.86 (2015 high).