GBP/JPY rebounded further to 140.31 last week but retreat sharply since then. But selling then halted at 4 hour 55 EMA. Initial bias is neutral this week first. 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.

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 144.20) will dampen this view and could open up further rise back to 195.86 (2015 high).

Daily Pivots: (S1) 160.41; (P) 160.91; (R1) 161.62; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. On the downside, break of 155.33 low will resume the fall form 172.11 to 153.70 fibonacci level next. Nevertheless, sustained trading above 55 day EMA (now at 161.89) will turn bias to the upside, for stronger rise back to 169.26/172.11 resistance zone.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 131.74; (P) 132.37; (R1) 132.89; More…

A temporary low is formed at 131.61 in GBP/JPY and intraday bias is turned neutral for some consolidations. Upside of recovery should be limited by 135.66 resistance to bring fall resumption. On the downside, decisive break of 131.51 low will resume larger decline from 156.69 for 122.36 next.

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) 165.07; (P) 165.70; (R1) 166.75; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Corrective pattern from 168.67 could still extend further. Below 162.98 minor support will target 160.37. Nevertheless, break of 166.23 will bring retest of 168.67 high instead. And, larger up trend might be ready to resume in this case.

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.

GBP/JPY edged higher to 154.40 last week but turned sideway since then. Initial bias remains neutral this week first. Outlook will remain bullish as long as 151.24 support holds. On the upside, above 154.40 will resume the larger up trend 156.59 key resistance, and then 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. However, break of 151.24 will suggest that deeper correction is underway, and turn bias back to the downside for 149.03 support first.

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.

In the longer term picture, the strong break of 55 months EMA was an early sign of long term bullish reversal. Firm break of 156.69 resistance should now confirm the start of an up trend for 195.86 (2015 high).

Daily Pivots: (S1) 189.90; (P) 190.63; (R1) 191.08; More…..

Intraday bias in GBP/JPY is mildly on the downside as fall from 193.51 short term top extends. Deeper decline would be seen towards 187.94 structural support. On the upside, break of 191.65 minor resistance will turn bias back to the upside for retesting 193.51.

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.

GBP/JPY extended the consolidation pattern from 168.67 last week. Initial bias stays neutral this week first. On the upside, break of 163.91 will bring stronger rise to 166.31 resistance. On the downside, below 160.07 will turn bias to the downside for 159.42 and below.

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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

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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) 161.76; (P) 162.44; (R1) 163.66; More…

Intraday bias in GBP/JPY remains neutral as range trading continues. The favored case is that correction from 172.11 has completed at 155.33 already. Above 163.73 will resume the rise from 155.33 to 169.26/172.11 resistance zone. However, break of 160.44 minor support will dampen this case and bring retest of 155.33 low instead.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 intact, 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) 136.71; (P) 137.73; (R1) 138.66; More…

Intraday bias in GBP/JPY is turned neutral with today’s strong rebound. But another fall will remain in favor as long as 140.70 resistance holds. The pattern from 142.71 should have started the third leg. Below 136.78 will target 134.40 support and then 133.03. However, break of 140.70 will invalidate this view and extend the rebound from 133.03.

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) 172.85; (P) 173.32; (R1) 173.95; More…

Intraday bias in GBP/JPY stays neutral as consolidation from 174.66 is extending. Deeper pull back cannot be ruled out, but outlook will stay bullish as long as 167.82 support holds. Break of 174.66 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. For now, medium term outlook will remain bullish as long as 165.99 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 183.63; (P) 184.90; (R1) 185.70; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. Price actions from 186.75 are viewed as a corrective pattern. Another fall could still be seen and break of 183.35 will turn bias to the downside for 55 D EMA (now at 181.67). Nevertheless, firm break of 186.75 will resume larger up trend.

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

Daily Pivots: (S1) 185.42; (P) 185.87; (R1) 186.75; More…

GBP/JPY accelerates to as high as 187.91 so far. The break of 186.75 resistance confirms larger up trend resumption. Intraday bias stays on the upside for 161.8% projection of 178.02 to 183.79 from 180.74 at 190.07. On the downside, below 186.24 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, as long as 178.02 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). For now, outlook will stay bullish as long as 178.02 support holds, in case of deep pullback.

Daily Pivots: (S1) 139.38; (P) 140.04; (R1) 140.46; 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) 135.86; (P) 136.17; (R1) 136.65; More…

GBP/JPY recovered after drawing support from 4 hour 55 EMA but stays below 136.62 temporary top. Intraday bias remains neutral first. Further rally will remain in favor as long as 134.12 support holds. On the upside, break of 136.62 will resume the rebound from 131.68 to 139.73 high. Nevertheless, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this 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) 198.59; (P) 199.20; (R1) 200.01; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 197.28 will strengthen the case that rise from 191.34 has completed. Intraday bias will be back on the downside for 195.02 support first. However, decisive break of 200.72 will resume larger uptrend instead.

In the bigger picture, as long as 188.63 resistance turned support holds, long term up trend is expected to continue. Sustained trading above 200.53 will pave the way to 100% projection of 155.33 to 188.63 from 178.32 at 211.62.

Daily Pivots: (S1) 181.10; (P) 181.39; (R1) 181.89; More…

GBP/JPY is staying in consolidation above 180.78 and intraday bias stays neutral. With 183.34 resistance intact, further decline is expected. On the downside, break of 180.78 will resume the fall from 186.75 to 176.29 support next.

In the bigger picture, fall from 186.75 is currently seen as a corrective move only. 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.

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) 139.08; (P) 140.10; (R1) 140.68; More…

Intraday bias in GBP/JPY turned neutral for consolidation below 141.50 temporary top. 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) 128.31; (P) 128.97; (R1) 129.70; More…

Outlook in GBP/JPY is unchanged as consolidation from 128.11 is extending. Intraday bias remains neutral first. Upside of recovery should be limited below 133.85 support turned resistance to bring fall resumption. On the downside, break of 128.10 will target 122.36 low next.

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) 143.96; (P) 144.44; (R1) 144.79; More…

GBP/JPY continues to lose upside momentum as seen in 4 hour MACD. But further rise cannot be rule out yet. Though, we’d expect strong resistance from trend line (now at 146.81) to limit upside, at least on first attempt. On the downside, firm break of 141.00 support 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.