GBP/JPY’s decline from 148.95 accelerated to as low as 131.22 last week. While downside momentum diminished as bit as seen in 4 hour MACD. There is no clear sign of bottoming yet. Further fall is expected this week as long as 137.20 resistance holds, for retesting 126.54 low. On the upside, break of 137.20 resistance, however, will indicate short term bottoming. Stronger rebound could then be seen to 55 day EMA (now at 140.20).

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.

In the longer term picture, GBP/JPY was rejected by 55 month EMA again, which keep outlook bearish. Large fall from 195.86 (2015 high) is in progress. It’s likely resuming whole decline from 251.09 (2007 high). This will be the favored case as long as 156.59 key resistance holds.

Daily Pivots: (S1) 130.50; (P) 132.40; (R1) 133.47; More…

Intraday bias in GBP/JPY remains on the downside at this point. Current fall from 147.95 should target a test on 126.54 low next. On the upside, break of 137.20 resistance, however, will indicate short term bottoming. Stronger rebound could then be seen to 55 day EMA (now at 140.20).

In the bigger picture, rejection by 148.87 resistance argues that rise from 126.54 is probably just 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) 133.02; (P) 134.79; (R1) 135.77; More…

GBP/JPY’s break of 132.57 suggests resumption of whole decline from 147.95. Intraday bias is back on the downside. Current fall should target a test on 126.54 low next. On the upside, break of 137.20 resistance, however, will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. Stronger rebound could then be seen to 55 day EMA (now at 140.52).

In the bigger picture, rejection by 148.87 resistance argues that rise from 126.54 is probably just 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) 134.27; (P) 135.74; (R1) 137.76; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 132.57. Upside of recovery should be limited by 138.68 resistance to bring another decline. Below 132.57 will extend the fall from 147.95 to retest 126.54 low. Nevertheless, break of 138.68 will indicate short term bottoming and bring stronger rebound back to 140.92/144.95 resistance zone.

In the bigger picture, rejection by 148.87 resistance argues that rise from 126.54 is probably just 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) 132.13; (P) 134.78; (R1) 136.97; More…

Intraday bias in GBP/JPY is turned neutral with today’s recovery. Some consolidations could be seen but upside should be limited by 138.68 resistance to bring another decline. Below 132.57 will extend the fall from 147.95 to retest 126.54 low. Nevertheless, break of 138.68 will indicate short term bottoming and bring stronger rebound back to 140.92/144.95 resistance zone.

In the bigger picture, rejection by 148.87 resistance argues that rise from 126.54 is probably just 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) 136.67; (P) 137.21; (R1) 137.97; More…

GBP/JPY’s decline from 147.95 accelerates to as low as 132.92 so far. 61.8% retracement of 126.54 to 147.95 from 134.71 is already met and there is no sign of bottoming yet. Intraday bias remains on the downside and sustained trading below 134.71 will pave the way back to 126.54 low. On the upside, break of 138.68 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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

GBP/JPY’s late break of 136.93 last week suggests resumption of whole fall from 147.95. Initial bias is back on the downside this week for 61.8% retracement of 126.54 to 147.95 from 134.71 next. On the upside, above 138.68 minor resistance will turn intraday bias neutral again. But outlook will stay bearish as long as 140.92 support turned resistance holds, in case of recovery.

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

In the longer term picture, there is no confirmation of long term bullish reversal yet. Focus is now on 156.59 key resistance. As long as it holds, another decline through 122.75 could still be seen. But firm break of 156.69 should at least bring further rally to 61.8% retracement of 195.86 to 122.75 at 167.93.

Daily Pivots: (S1) 137.07; (P) 137.87; (R1) 138.37; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 136.93. In case of another recovery, upside should be limited by 140.92 support turned resistance to bring fall resumption. Break of 136.93 will extend the decline from 147.95 to 61.8% retracement of 126.54 to 147.95 from 134.71 next.

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) 137.50; (P) 137.96; (R1) 138.88; More…

A temporary low is formed at 136.93 as GBP/JPY turns into consolidation. Intraday bias is turned neutral first. Upside of recovery should be limited by 140.92 support turned resistance to bring fall resumption. Break of 136.93 will extend the decline from 147.95 to 61.8% retracement of 126.54 to 147.95 from 134.71 next.

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) 136.60; (P) 137.59; (R1) 138.24; More…

With 139.82 minor resistance intact, intraday bias in GBP/JPY stays on the downside. 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) 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) 136.93; (P) 139.17; (R1) 140.82; More…

With 139.82 minor resistance intact, intraday bias in GBP/JPY remains on the downside. 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.

GBP/JPY’s fall from 147.95 resumed last week and accelerated to as low as 137.52. The strong break of 139.31 support raises the chance of rejection from 148.87 resistance and bearish reversal. Initial bias remains on the downside this week for 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.

In the longer term picture, in spite of the current strong rally, there is no confirmation of long term bullish reversal yet. Focus is now on 156.59 key resistance. As long as it holds, another decline through 122.75 could still be seen. But firm break of 156.69 should at least bring further rally to 61.8% retracement of 195.86 to 122.75 at 167.93.

Daily Pivots: (S1) 140.90; (P) 141.72; (R1) 142.15; More…

GBP/JPY drops to as low as 140.21 so far. Break of 140.92 confirms resumption of correction form 147.95. Intraday bias is back on the downside for 139.31 key support next. On the upside, above 141.41 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 144.95 resistance holds.

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) 141.89; (P) 142.80; (R1) 143.36; More…

GBP/JPY’s breach of 142.33 minor support suggests that recovery from 140.92 has completed at 144.95. Correction from 147.95 might be resuming. Intraday bias is back on the downside for 140.92 first. Break will target 139.31 key support next. On the upside, above 144.95 will turn bias back to the upside for 147.95 instead.

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) 142.93; (P) 143.29; (R1) 143.61; More…

Intraday bias in GBP/JPY remains neutral first. Overall, it’s staying in consolidation from 147.95 and might extend further in the near term. On the downside, break of 142.33 support will turn bias back to the downside for 140.92 support and below. On the upside, above 144.95 would bring retest of 147.95.

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) 142.32; (P) 143.47; (R1) 144.31; More…

Intraday bias in GBP/JPY is turned neutral with the steep fall from 144.95. On the downside, break of 142.33 support will turn bias back to the downside for 140.92 support and below. On the upside, above 144.95 would bring retest of 147.95. Overall, GBP/JPY is staying in consolidation from 147.95 and might extend further in the near term.

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) 143.89; (P) 144.42; (R1) 145.12; More…

With 142.33 minor support intact, further rise is still mildly in favor in GBP/JPY for 147.95 resistance. On the downside, break of 142.33 support will turn bias back to the downside for 140.92 support and below. Overall, GBP/JPY is staying in consolidation from 147.95 and might extend further in the near term.

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.

GBP/JPY’s rebound from 140.92 extended higher last week. With 144.60 resistance broken, initial bias remains on the upside this week for retesting 147.95 high. On the downside, break of 142.33 support will turn bias back to the downside for 140.92 support and below. Overall, GBP/JPY is staying in consolidation from 147.95 and might extend further in the near term.

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.

In the longer term picture, in spite of the current strong rally, there is no confirmation of long term bullish reversal yet. Focus is now on 156.59 key resistance. As long as it holds, another decline through 122.75 could still be seen. But firm break of 156.69 should at least bring further rally to 61.8% retracement of 195.86 to 122.75 at 167.93.

Daily Pivots: (S1) 143.80; (P) 144.20; (R1) 144.79; More…

GBP/JPY’s rebound from 140.92 extends higher today. Break of 144.60 resistance should bring retest of 147.95 high. On the downside, break of 142.33 will turn bias to the downside for 38.2% retracement of 126.54 to 147.95 at 139.77 instead.

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.