Daily Pivots: (S1) 158.25; (P) 159.24; (R1) 161.22; More…

Intraday bias in GBP/JPY remains on the upside at this point. Up trend form 123.94 has just resumed. Next target is 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, below 159.25 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

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 (2015 high) to 122.75 (2016 low) at 167.93. Sustained break there will be a long term bullish signal. This will now remain the favored case as long as 148.94 support holds.

Daily Pivots: (S1) 137.24; (P) 137.51; (R1) 137.82; More…

Intraday bias in GBP/JPY remains neutral and more consolidation could be seen above 136.55 short term bottom. Upside of recovery should be limited by 38.2% retracement of 146.50 to 136.55 at 140.35 to bring fall resumption. On the downside, break of 136.55 will turn bias to the downside and extend the fall from 148.87 to 131.51 low.

In the bigger picture, current development suggests that GBP/JPY 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) 137.79; (P) 138.07; (R1) 138.33; More…

No change in GBP/JPY’s outlook and intraday bias remains neutral. On the upside, break of 140.31 will resume the rebound from 133.03 to retest 142.71 high. Nevertheless, sustained break of 137.83 resistance turned support will argue that the rebound has completed. Intraday bias will be turned back to the downside for 133.03/134.40 support zone.

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) 147.35; (P) 148.31; (R1) 149.65; More…

Outlook in GBP/JPY is unchanged that price actions from 152.82 are forming a corrective pattern. On the upside, above 149.45 will turn bias to the upside for 151.92 resistance first. Break there will likely resume rise from 139.29 through 152.82 high. On the downside, below 146.96 will bring deeper fall. But now, we’d expect downside to be contained by 50% retracement of 139.29 to 152.82 at 146.05 to bring up trend resumption eventually.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after corrective pull back from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 139.29 will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.

Daily Pivots: (S1) 152.23; (P) 152.73; (R1) 153.00; More…

Intraday bias in GBP/JPY remains neutral this point. We’re favoring that case that corrective fall from 156.05 has completed at 148.43. Break of 153.46 will resume the rise from 148.43 to retest 156.05 high. Though, break of 151.55 minor support will dampen this bullish view, and turn bias to the downside for 148.43 support.

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, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

GBP/JPY recovered last week but failed to sustain 4 hour 55 EMA and weakened again. Initial bias is neutral this week first. Break of 141.43 will extend the decline from 148.09. In such case, intraday bias is turned to the downside for 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, break of 143.93 will turn bias back to the upside for 148.09 resistance.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

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.

GBP/JPY’s up trend continued last week and outlook is unchanged. Initial bias stays on the upside this week. Next target is 100% projection of 191.34 to 200.72 from 197.18 at 206.56 next. On the downside, below 202.41 minor support will turn intraday bias neutral and bring consolidations. But outlook will remain bullish as long as 200.72 resistance turned support holds, in case of retreat.

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.

In the longer term picture, rise from 122.75 (2016 low) is seen as the third leg of the pattern from 116.83 (2011 low). Next target is 138.2% projection of 116.83 to 195.86 from 122.75 at 231.96. Outlook will stay bullish as long as 178.32 support holds.

Daily Pivots: (S1) 144.77; (P) 145.19; (R1) 145.80; More…

A temporary low is in place at 144.37 and intraday bias is turned neutral first. Further fall is expected with 146.46 minor resistance intact. Below 144.37 will target 143.18 first. Break will will resume larger decline from 156.59 and target 139.25/47 cluster support level. Nonetheless, above 146.46 will turn focus back to 148.10 resistance instead.

In the bigger picture, no change in the view that decline from 156.59 is 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. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

Daily Pivots: (S1) 143.54; (P) 144.08; (R1) 144.85; More…

GBP/JPY breached 144.52 resistance but couldn’t sustain above there. Intraday bias remains neutral first. On the upside, firm break of 144.52 will turn bias to the upside for retesting 147.95 resistance. on the downside, break of 142.80 minor support will turn bias to the downside. In this case, correction from 147.95 will extend to 38.2% retracement of 126.54 to 147.95 at 139.77.

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) 136.42; (P) 136.77; (R1) 137.05; More…

GBP/JPY is staying in consolidation from 135.38 and intraday bias remains neutral. In case of another rise, upside should be limited by 138.32 resistance to bring fall resumption. On the downside, break of 135.38 will extend recent fall from 148.87 to retest 131.51 low. Though, firm break of 135.38 will confirm short term bottoming and bring stronger rebound to 55 day EMA (now at 140.11).

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) 188.48; (P) 189.02; (R1) 189.61; More…..

Outlook in GBP/JPY remains unchanged and intraday bias stays neutral. On the downside, below 187.94 will resume the decline from 191.29 to 38.2% retracement of 178.32 to 191.29 at 186.33. Sustained break there will raise the chance of larger scale correction and target 61.8% retracement at 183.27. On the upside, though, firm break of 55 4H EMA (now at 189.29) will retain near term bullishness and bring retest of 191.29 high.

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).

GBP/JPY’s rise from 163.02 lost momentum ahead of 169.07 minor resistance last week. Initial bias stays neutral this week first. On the upside, break of 169.07 resistance will argue that larger up trend is ready to resume through 172.11 high. However, break of 166.08 minor support will turn bias back to the downside to extend the corrective pattern from 172.11 with another fall.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 123.94 (2020 low) could still resume through 172.11 high at a later stage. However, firm break of 159.71 support will argue that it’s already in correction to the up trend from 123.94, and deeper decline would be seen back towards 148.93 support.

In the longer term picture, as long as 55 month EMA (now at 151.94) holds, rise from 122.75 could still extend higher at a later stage. Next target is 195.86 (2015 high).

Daily Pivots: (S1) 191.09; (P) 191.39; (R1) 191.67; More…..

Intraday bias in GBP/JPY remains neutral for the moment. More consolidations could be seen but outlook will stay bullish as long as 187.94 support holds. On the upside, break of 193.51 will resume larger up trend to 61.8% projection of 178.32 to 191.29 from 187.94 at 195.95, which is close to 195.86 long term resistance.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

Daily Pivots: (S1) 185.38; (P) 186.32; (R1) 187.31; More…

Intraday bias in GBP/JPY stays neutral at this point, and more consolidations would be seen below 188.26. Another rally will remain in favor as long as 183.79 support turned resistance holds. Break of 188.26 will resume larger up trend.

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) 190.02; (P) 190.43; (R1) 191.00; More…

Intraday bias in GBP/JPY remains on the upside at this point. Current rally is in progress for 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. Firm break there will target 100% projection at 195.40. On the downside, below 189.05 minor support will turn intraday bias neutral and bring consolidations again, before staging another rally.

In the bigger picture, up trend from 123.94 (2020 low) in 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) 139.60; (P) 139.88; (R1) 140.23; More.,.

Intraday bias in GBP/JPY remains neutral for consolidation below 141.28 temporary top. But another rise is in favor with 139.44 minor support intact. On the upside, break of 141.28 will extend the choppy rise from 133.03 to retest 141.71 high. However, below 139.44 minor support will be the first sign of short term topping. Intraday bias will be turned to the downside for 136.96 support 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.

Daily Pivots: (S1) 136.58; (P) 137.15; (R1) 137.48; More…

Intraday bias in GBP/JPY remains on the downside as choppy fall from 144.77 continues. The cross should target medium term fibonacci level at 135.39. At this point, price actions from 148.42 are viewed as a correction. Hence, we’d anticipate strong support from 135.39 to bring rebound. On the upside, break of 138.25 minor resistance will turn bias to the upside for 140.08 resistance. Break will indicate near term reversal. However, sustained break of 135.39 will target 61.8% retracement at 132.31.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Or, sustained break of 50% retracement of 122.36 to 148.42 at 135.39 will turn outlook bearish for a test on 122.36 low. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement of 195.86 to 122.36 at 167.78.

Daily Pivots: (S1) 141.63; (P) 142.05; (R1) 142.60; More…

Intraday bias in GBP/JPY stays on the downside at this point. From 144.60 is seen as the third leg of the correction from 147.95. Next target is 38.2% retracement of 126.54 to 147.95 at 139.77. For now, risk will stay on the downside as long as 144.60 resistance holds, in case of recovery.

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) 141.48; (P) 143.10; (R1) 144.08; More….

Intraday bias in GBP/JPY remains on the downside for 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, above 145.43 resistance will turn bias back to the upside for retesting 148.09 first.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 148.29; (P) 148.81; (R1) 149.12; More…

Intraday bias in GBP/JPY remains on the upside for 149.99 resistance. Break there will add more credence to the larger bullish case and target 153.84 resistance next. On the downside, though break of 147063 minor support will argue that the rebound from 143.76 might be finished and turn bias back to the downside

In the bigger picture, no change in the view that decline from 156.59 is 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. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.