Daily Pivots: (S1) 145.25; (P) 146.66; (R1) 147.45; More…

GBP/JPY ‘s fall from 148.87 extends lower today but it’s still staying above 143.72 support. Intraday bias 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) 148.38; (P) 148.91; (R1) 149.29; More…

Outlook in GBP/JPY is unchanged. Correction from 152.52 short term top might extend lower. But downside should be contained by 148.09 cluster support (23.6% retracement of 133.03 to 152.52 at 147.92) to bring rebound. On the upside, break of 150.31 minor resistance will bring retest of 152.52. However, sustained break of 148.09 will bring deeper correction to 38.2% retracement at 145.07.

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) 139.80; (P) 140.36; (R1) 140.75; More…

Intraday bias in GBP/JPY stays neutral first. Further rise is in favor with 139.36 support intact. Firm break of 141.50 will resume rise from 126.54 and target trend line resistance (now at 143.88). However, break of 139.36 will turn bias to the downside for deeper pull back to 135.74 resistance turned support.

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 135.74 resistance turned support holds.

Daily Pivots: (S1) 149.05; (P) 149.50; (R1) 149.99; More…

GBP/JPY’s break of 150.80 minor resistance suggests that fall from 152.82 has completed, after defending 149.03 key support again. Intraday bias is back 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, again, 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) 140.73; (P) 141.39; (R1) 142.25; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current rally from 123.94 should target 161.8% projection of 123.94 to 135.74 from 129.27 at 148.36. On the downside, break of 138.24 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, rise from 123.94 is still 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) 148.51; (P) 148.88; (R1) 149.43; More…

GBP/JPY retreats mildly ahead of 149.70 resistance. With 4 hour MACD crossed below signal line, intraday bias is turned neutral first. As long as 142.76 support holds, further rally is in favor. On the upside, decisive break of 149.70 will resume whole rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 instead.

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) would 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) 128.52; (P) 129.88; (R1) 131.14; More…

Intraday bias in GBP/JPY remains on the downside at this point. Current fall form 147.95 should target a test on 126.54 low. On the upside, break of 134.31 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern. Larger down trend from 195.86 (2015 high) is not completed yet. Break of 126.54 should indicate that such down trend is resuming through 122.75 low.

Daily Pivots: (S1) 158.68; (P) 159.47; (R1) 160.12; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 158.57 temporary low. Further decline is expected as long as 162.24. Break of 158.57 will target 161.8% projection of 172.11 to 163.02 from 169.26 at 154.55 next. However, break of 162.24 will turn bias to the upside for stronger rebound.

In the bigger picture, sustained break of 55 week EMA (now at 161.26) will confirm medium term topping at 172.11, on bearish divergence condition in weekly MACD. Fall from 172.11 should be correcting whole up trend from 123.94 (2020 low). Deeper decline should be seen to 38.2% retracement of 123.94 to 172.11 at 153.70 and possibly below. This will now remain the favored case as long as 55 day EMA (now at 166.11) holds.

Daily Pivots: (S1) 166.20; (P) 166.60; (R1) 167.04; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current rally is part of the whole rise from 155.33. Next target is 169.26 resistance first. However, considering bearish divergence condition 4 H MACD. Break of 165.38 minor support will argue that a short term top was already formed. Intraday bias will be turned back to the downside for 162.75 support instead.

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) 168.23; (P) 169.71; (R1) 172.63; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current rally is in progress to retest 172.11 high. Firm break there will resume larger up trend and target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. On the downside, below 167.95 support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, based on current momentum, up trend from 123.94 (2020 low) is likely ready to resume. Next target is 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 165.40 support holds, in case of retreat.

Daily Pivots: (S1) 141.63; (P) 142.00; (R1) 142.28; More…

GBP/JPY’s fall is still in progress and intraday bias remains on the downside. The cross is in 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) 144.36; (P) 144.65; (R1) 144.88; More…

Further rise is expected in GBP/JPY as long as 147.81 support holds. Current up trend from 133.03 should target 147.95 key medium term structural resistance. Sustained break there will carry larger bullish implications. On the downside, however, break of 142.81 support would now indicate short term topping, and turn bias to the downside for deeper pull back.

In the bigger picture, rise of 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). Break of 147.95 will target 156.59 resistance (2018 high). On the downside, break of 133.03 support is needed to confirm completion of the rise from 123.94. Otherwise, further rise will remain in favor even in case of pull back.

Daily Pivots: (S1) 134.44; (P) 135.33; (R1) 136.30; More…

Intraday bias in GBP/JPY stays neutral first and further decline is expected as long as 136.46 resistance holds. On the downside, break of 133.03 will resume the fall from 142.71 and target 61.8% retracement of 123.94 to 142.71 at 131.11 next. However, firm break of 136.46 will indicate short term bottoming and turn bias back to the upside for stronger 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) 204.94; (P) 205.37; (R1) 205.94; More…

Intraday bias in GBP/JPY stays neutral for consolidation above 203.82 temporary low. Corrective fall from 208.09 short term top could still extend lower. Break of 203.82 would target 38.2% retracement of 191.34 to 208.09 at 201.69. Strong support is expected there to bring rebound. On the upside, above 206.35 minor resistance will turn intraday bias will turn bias back to the upside for retesting 208.09. However, sustained break of 201.69 will argue that larger correction is already underway.

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 200.72 resistance turned support holds, even in case of deep pullback.

Daily Pivots: (S1) 128.40; (P) 128.99; (R1) 129.81; More…

GBP/JPY is staying in consolidation from 126.54 and intraday bias remains neutral first. As long as 130.06 minor resistance holds, further decline is still expected. Break of 126.54 will extend larger down trend to 122.36 low. However, break of 130.06 will indicate short term bottoming. Stronger rebound should be seen to 55 day EMA (now at 133.73).

In the bigger picture, outlook remains clearly bearish with GBP/JPY staying well below 55 week and 55 month EMA. Medium term fall from 156.59 (2018 high) is still in progress. Next target is 122.36 (2016 low). We’d be cautious on bottoming there. But break of 135.66 resistance is needed to be the first sign of reversal. Sustained break of 122.36 will target next key level at 116.83 (2011 low).

Daily Pivots: (S1) 142.98; (P) 143.17; (R1) 143.54; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Correction from 147.95 is in favor to extend lower. Break of 140.83 will target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, break of 144.52 will turn bias to the upside 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) 188.20; (P) 188.70; (R1) 189.42; More…..

Intraday bias in GBP/JPY stays neutral for the moment. 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 189.33) 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).

Daily Pivots: (S1) 143.54; (P) 144.29; (R1) 145.49; More…

GBP/JPY is staying below 145.67 resistance despite the current strong rebound. Intraday bias remains neutral first. 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 bias back to the downside for retesting 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) 188.65; (P) 189.09; (R1) 189.57; More…..

Intraday bias in GBP/JPY remains neutral for the moment. 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 189.69 minor resistance 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).

Daily Pivots: (S1) 147.76; (P) 148.23; (R1) 149.17; More…

Intraday bias in GBP/JPY remains on the upside as rise from 142.76 is in progress for 149.70 resistance. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 again.

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) would 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.