Daily Pivots: (S1) 188.45; (P) 189.08; (R1) 189.78; More…..

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, below 188.22 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 189.84) 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) 139.74; (P) 139.99; (R1) 140.13; More…

GBP/JPY is staying in consolidation from 141.50 and intraday bias remains neutral first Another fall cannot be ruled out, 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) 139.52; (P) 139.97; (R1) 140.86; More…

GBP/JPY is staying in consolidation from 141.50 and intraday bias remains neutral. Deeper retreat could be seen but downside should be contained by 135.74 resistance turned support. On the upside, above 141.50 will resume the rise from 126.54 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) 152.39; (P) 153.21; (R1) 154.49; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Up trend from 123.94 is in progress for 156.69 long term resistance first. Firm break there will carry larger bullish implications. Next target will be 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. Also, outlook will remain bullish as long as 151.24 support holds, in case of retreat.

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. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. 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) 129.00; (P) 129.27; (R1) 129.56; More…

No change in GBP/JPY’s outlook. Intraday bias remains neutral and consolidation from 126.54 might extend. But outlook remains bearish with 130.06 minor resistance intact. On the downside, 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) 139.21; (P) 139.61; (R1) 139.87; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 140.20 temporary top. Further rally is expected as long as 137.84 support holds. Rise from 123.94 has just resumed and break of 140.20 will target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, break of 137.84 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for pull back.

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) 140.69; (P) 141.03; (R1) 141.32; More…

Intraday bias in GBP/JPY is turned neutral with today’s retreat. Another rise is in favor as long as 139.48 support holds. Above 141.34 will target a test on 141.71 high. On the downside, though, break of 139.48 support will be the first sign of short term reversal. 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) 152.99; (P) 153.32; (R1) 153.94; More…

Intraday bias in GBP/JPY stays on the downside as fall from 158.19 would target 148.93 structural support level. On the upside, break of 154.63 minor resistance will revive near term bullishness and turn bias back to the upside for 158.19 high.

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.

GBP/JPY recovered last week but stayed below 165.26 minor resistance. Initial bias stays neutral this week first. On the upside, firm break of 165.26 minor resistance will argue that corrective pattern from 168.67 has completed. Further rise should be seen to retest 168.67 high next. On the downside, break of 160.37 will bring deeper fall back towards 155.57 support.

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.

In the longer term picture, rise from 122.75 could be the third leg the the pattern from 116.83 (2011 low). Further rise will remain in favor as long as 55 month EMA (now at 149.84) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the way to 195.86 (2015 high).

Daily Pivots: (S1) 188.94; (P) 189.49; (R1) 190.38; More…..

Intraday bias in GBP/JPY remains on the upside at this point. Correction from 191.29 should have completed at 187.94 already. Further rise should be seen to retest 191.29 high first. Decisive break there will bring larger up trend resumption. On the downside, below 188.56 minor support will turn bias back to the downside to resume the correction instead.

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) 133.65; (P) 134.18; (R1) 134.57; More…

At this point, further rise is mildly in favor in GBP/JPY for 136.34 resistance. Break there should confirm completion of the decline from 139.73 and bring retest of this high. Though, break of 131.95 will resume the fall from 139.73 to 129.27 support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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) 129.39; (P) 130.98; (R1) 131.79; More…

GBP/JPY’s decline accelerates to as low as 129.34 so far today. The decisive break of 131.51 support confirmed resumption of decline from 156.69. Intraday bias stays on the downside for 122.36 low next. On the upside, above 131.61 minor resistance will turn intraday bias neutral first. But recovery should be limited by 135.66 resistance to bring fall resumption.

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) 139.52; (P) 140.00; (R1) 140.64; More…

GBP/JPY is staying in consolidation from 141.50 and intraday bias remains neutral first. In case of another fall, downside should be contained above 135.74 resistance turned support to bring rebound. 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 135.74 resistance turned support holds.

GBP/JPY gyrated lower again last week but so far, downside is contained above 140.62 support. Initial bias remains neutral this week first and outlook is unchanged. Rebound from 131.51 could still extend higher. But we’d expect strong resistance from trend line (now at 146.80) to limit upside, at least on first attempt. On the downside, firm break of 140.62 will suggest completion of the rebound and turn bias to the downside.

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 is 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 149.38 will pave the way to 156.59 resistance and above.

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) 134.79; (P) 135.54; (R1) 136.19; More…

Intraday bias in GBP/JPY remains on the downside for 133.03 support first. Break there will confirm resumption of whole decline from 142.71. Next target will be 61.8% retracement of 123.94 to 142.71 at 131.11. On the upside, 136.55 minor resistance will turn bias back to the upside for 137.83 resistance instead.

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) 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.

Range trading continued in GBP/JPY last week, with decline from 166.31 as another falling leg. Initial bias stays on the downside this week for 160.37 support. Decisive break there will argue that deeper fall is underway towards 155.57 support next. On the upside, though, break of 163.88 minor resistance will turn intraday bias neutral again 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 155.57 support holds, even in case of deep pull back.

In the longer term picture, rise from 122.75 could be the third leg the the pattern from 116.83 (2011 low). Further rise will remain in favor as long as 55 month EMA (now at 149.84) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the way to 195.86 (2015 high).

Daily Pivots: (S1) 155.63; (P) 155.85; (R1) 156.10; More…

Intraday bias in GBP/JPY remains on the upside as current up trend is targeting 156.59 long term resistance. Sustained break there will pave the way to 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, break of 153.81 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 seen as the third leg of the pattern from 122.75 (2016 low). Focus is now 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, break of 149.03 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) 158.25; (P) 159.79; (R1) 160.73; More…

GBP/JPY’s fall from 168.50 resumed by breaking through 159.59 and intraday bias is back on the downside. Current fall should be seen to 61.8% retracement of 150.95 to 168.40 at 157.61. Strong support is expected there to complete the correction to bring rebound. On the upside, above 162.16 minor resistance will turn bias back to the upside for retesting 168.40 high. However, sustained break of 157.61 will bring deeper fall back to 150.95 key structural support.

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) 191.01; (P) 194.22; (R1) 196.66; More..

GBP/JPY’s fall from 200.53 resumed and hit 191.77 before recovering. For now, further decline is in favor as long as 197.40 minor resistance holds, as correction to rise from 178.32. Sustained break of 55 D EMA (now at 191.42) will pave the way to 61.8% retracement of 178.32 to 200.53 at 186.80.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low). Sustained break of 61.8% projection of 155.33 to 188.63 from 178.32 at 198.89 will pave the way to 100% projection at 211.65. Break of 189.97 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.