Daily Pivots: (S1) 151.46; (P) 152.03; (R1) 152.65; More…

Intraday bias in GBP/JPY remains neutral at this point. We’re holding on to the view that corrective rise from 144.97 should have completed at 153.84 already. Hence, another fall is expected in the cross. Break of 150.60 will target 148.37 support first. Break will bring retest of 144.97 low. However, firm break of 153.84 will invalidate our view and extend the rise from 144.97 towards 156.59 high.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 138.33; (P) 138.96; (R1) 140.19; More…

GBP/JPY’s rebound and break of 139.39 minor resistance suggests short term bottoming at 137.51. Fall from 144.77 is possibly completed already. Intraday bias is turned back to the upside for 142.79 resistance first. Break will send GBP/JPY through 144.77 to 148.42 high. Overall, price actions from 148.42 are seen as forming a consolidation pattern. In case of another fall, we’d expect support from 50% retracement of 122.36 to 148.42 at 135.39 to contain downside and bring rebound.

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) 143.69; (P) 144.64; (R1) 146.44; More…

GBP/JPY’s rebound from 139.88 is still in progress and reaches as high as 145.67 so far. Intraday bias stays on the upside for trend line resistance (now at 147.04). Firm break there will be a signal of bullish reversal and should target 149.30 resistance for confirmation. On the downside, below 143.65 minor support will turn intraday bias neutral first.

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) 139.71; (P) 139.93; (R1) 140.22; More…

Intraday bias in GBP/JPY remains neutral for the moment. Consolidation from 141.50 could extend with another fall. 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) 146.13; (P) 146.58; (R1) 146.90; More…

GBP/JPY’s rise resumes after brief consolidation and reaches as high as 147.34 so far. Intraday bias is back on the upside. As noted before, whole decline from 156.59 could have completed at 139.88, just ahead of 139.29/47 key support zone. Decisive break of 149.50 resistance will confirm our bullish view. On the downside, below 146.24 minor support will turn intraday bias neutral and bring retreat. But further rally will remain in favor as long as 142.58 support holds.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, the decline from 156.69 is seen as corrective move. That is, rise from 122.36 (2016 low), is still expected to extend higher through 156.69. However, sustained break of 139.29/47 should confirm medium term reversal and turn outlook bearish.

Daily Pivots: (S1) 144.32; (P) 144.88; (R1) 145.28; More….

GBP/JPY’s recovery was limited below 145.78 resistance and drops sharply. Focus is now on 143.34 support. Break there will extend the whole decline from 148.09 to 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. Ob the upside, above 145.78 will turn bias back to the upside for retesting 148.09 first.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

Daily Pivots: (S1) 143.15; (P) 143.54; (R1) 144.22; More…

Intraday bias in GBP/JPY remains neutral first. As long as 144.02 support turned resistance holds, another decline remains mildly in favor. Below 141.17 will target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 145.18) and above.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) could still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

Daily Pivots: (S1) 152.16; (P) 152.56; (R1) 153.17; More…

GBP/JPY’s rise rebound is still in progress for 153.39 resistance. Decisive break there will resume medium term rally On the downside, below 151.74 minor support will extend the corrective pattern with another fall through 149.40 before completion.

In the bigger picture, outlook is mixed up a bit with last week’s sharp decline. But still, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And the 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) 150.07; (P) 150.83; (R1) 151.53; More

With 150.12 minor support intact, intraday bias in GBP/JPY remains on the upside. Current medium term rise from 122.36 should target 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39 next. On the downside, below 150.12 minor support will turn intraday bias neutral and bring consolidation before staging another rally.

In the bigger picture, the consolidation from 148.42 should have completed and medium term rebound from 122.36 is resuming. 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. For now, the bullish scenario is preferred as long as 139.29 support holds.

GBP/JPY edged higher to 186.45 last week but retreated since then. Initial bias is mildly on the downside this week, for pull back to 183.23 resistance turned support. Nevertheless, break 186.45 will resume larger up trend to 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20.

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.

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.

GBP/JPY edged higher to 140.70 last week but upside momentum has been very unconvincing. Still, further rise is mildly in favor as long as 138.23 support holds. Current rebound from 133.03 would target a test on 142.71 high. On the downside, however, break of 138.23 will argue that the pattern from 142.71 is starting another falling leg. Intraday bias will be turned back to the downside for 134.40 support and possibly below.

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).

Daily Pivots: (S1) 155.44; (P) 155.98; (R1) 156.38; More…

Intraday bias in GBP/JPY remains neutral at this point. The consolidation pattern from 158.19 could still extend further. On the downside, below 154.46 minor support will turn bias back to the downside for 152.88 support and below. Nevertheless, above 156.48 will target a test on 157.74/158.19 resistance zone. Decisive break there will resume larger up trend.

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 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) 182.69; (P) 183.23; (R1) 184.21; More…

No change in GBP/JPY’s outlook. Further rise is expected despite loss of upside momentum. Current up trend should target 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36 next. On the downside, however, break of 179.90 support will confirm short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target is 195.86 (2015 high). For now, medium term outlook will remain bullish as long as 172.11 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 141.81; (P) 142.14; (R1) 142.57; More…

Intraday bias in GBP/JPY remains neutral and corrective pattern from 147.95 is still extending. On the downside, break of 140.92 will target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 144.60 resistance will bring stronger rebound to retest 147.95 high.

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) 140.18; (P) 141.20; (R1) 142.89; More…

GBP/JPY’s rebound from 131.51 turns out to be stronger than expected and reaches as high as 142.22 so far. Firm break of 139.88 resistance is taken as the first sign of larger reversal. Intraday bias is back on the upside for 143.93 resistance first. Sustained break will pave the way to 149.48 resistance next. On the downside, break of 137.35 support is now needed to confirm completion of the rebound. Otherwise, risk will stay on the upside in case of retreat.

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. No change in this view. Strong rebound from 131.51 argues that fall from 156.59 (2018 high) 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.

Daily Pivots: (S1) 141.25; (P) 141.81; (R1) 142.89; More….

With 4 hours MACD crossed above signal line again, intraday bias is turned neutral again. As this point, we’ll continue to look for bottoming signal around 61.8% retracement of 135.58 to 148.09 at 140.35 to bring rebound. Break of 143.93 will indicate near term reversal and turn bias back to the upside. However, sustained break of 140.35 will bring deeper fall to 135.58 key support level.

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) 150.07; (P) 150.78; (R1) 152.09; More…

Intraday bias in GBP/JPY is mildly on the upside for 152.82 resistance first. Sustained break there will argue that whole consolidative pattern from 156.05 has completed and bring retest of this high. On the downside, decisive break of 148.43/149.16 key support zone will resume whole fall from 156.05 to 143.78 fibonacci level.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 187.50; (P) 188.04; (R1) 188.73; More…

Intraday bias in GBP/JPY remains neutral at this point. Further rally is expected as long as 186.14 support holds. Break of 188.90, and sustained trading above 188.63, will confirm up trend resumption. Next target is 38.2% projection of 155.33 to 188.63 from 178.32 at 191.04. However, break of 186.14 will turn bias to the downside for deeper pullback.

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) 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) 133.23; (P) 133.89; (R1) 135.00; More…

GBP/JPY’s rise from 129.27 continues today and intraday bias stays on the upside for 135.74 resistance. Break will will resume whole rise from 123.94 for 61.8% projection of 123.94 to 135.74 from 129.27 at 136.56. On the downside, below 131.77 minor support will turn bias to the downside for 129.27 support instead.

In the bigger picture, overall, price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. Current development suggests that it might extend with another rising leg. But still, an eventual downside break out is expected as long as 147.95 resistance holds. Firm break of 122.75 will resume larger down trend from 195.86 (2015 high).