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.

Daily Pivots: (S1) 156.17; (P) 156.62; (R1) 157.20; More…

Intraday bias in GBP/JPY is turned neutral first as it recovered ahead of 155.33 support. Outlook will remain bearish as long as 161.22 resistance holds. Decisive break of 155.33 will resume whole decline from 172.11 to 153.70 fibonacci level.

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) 205.88; (P) 206.24; (R1) 206.60; More…

Intraday bias in GBP/JPY remains neutral at this point. Further rise is expected with 204.97 minor support intact. On the upside, sustained break of 100% projection of 191.34 to 200.72 from 197.18 at 206.56 will target 138.2% projection at 210.17. On the downside, below 204.97 minor support will turn bias to the downside for deeper pull back.

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 197.18 support holds, even in case of deep pullback.

Daily Pivots: (S1) 140.44; (P) 140.75; (R1) 141.17; More…

Intraday bias in GBP/JPY remains neutral for the moment. 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.

GBP/JPY’s correction from 172.11 extended lower last week, but bias would stay neutral first. Strong rebound from current level, followed by break of 166.06 minor support will turn bias back to the upside for retesting 172.11 high. However, sustained trading below 38.2% retracement of 148.93 to 172.11 at 163.25 will bring deeper decline to 61.8% retracement at 157.78 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 123.94 (2020 low) could still resume through 172.11 high at a later stage. However, firm break of 159.71 support will argue that it’s already in correction to the up trend from 123.94, and deeper decline would be seen back towards 148.93 support.

In the longer term picture, as long as 55 month EMA (now at 151.88) holds, rise from 122.75 could still extend higher at a later stage. Next target is 195.86 (2015 high).

Daily Pivots: (S1) 126.63; (P) 127.07; (R1) 127.60; More…

GBP/JPY’s fall is still in progress and intraday bias remains on the downside. Current down trend should target 122.36 low next. For now, we’d be cautious on bottoming around there. However, on the upside, break of 130.06 resistance is needed to be the first sign of short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

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) 135.47; (P) 136.33; (R1) 136.87; More…

GBP/JPY is still holding above 135.66 minor support. Intraday bias remains neutral and further rise is still in favor. On the upside, above 137.83 will resume the rebound from 133.03 for retesting 142.71 high. On the downside, though, break of 135.66 should indicate completion of the rebound and bring retest of 133.03 support 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) 154.52; (P) 155.30; (R1) 156.75; More…

Intraday bias in GBP/JPY remains on the upside for 156.69 key resistance first. Sustained break there will carry larger bullish implications. Next target is 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). 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) 160.91; (P) 161.70; (R1) 162.25; More…

No change in GBP/JPY’s outlook as corrective pattern from 168.67 is extending. Intraday bias remains neutral. 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.

Daily Pivots: (S1) 162.51; (P) 163.56; (R1) 164.38; More…

Intraday bias in GBP/JPY remains on the downside for 159.42 support. But downside should be contained there to bring rebound. Overall, it’s staying in consolidation pattern from 168.40. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support next.

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.

Daily Pivots: (S1) 149.62; (P) 150.12; (R1) 151.05; More…

Intraday bias in GBP/JPY is turned neutral with current recovery. A temporary low is formed at 148.94, just ahead of 100% projection of 158.19 to 152.35 from 154.70 at 148.86, which is close to 148.93 key structural support. On the upside, break of 152.35 support turned resistance will argue that the pull back from 158.19 is complete. Intraday bias will be turned back to the upside for retesting 158.19 high. However, on the downside, decisive break there will carry larger bearish implication and target 161.8% projection at 145.25 next.

In the bigger picture, the break of medium term channel support, and bearish divergence condition in week MACD are raising the chance of medium term topping at 158.19. Firm break of 148.93 support will argue that GBP/JPY is at least correcting the whole rise from 123.94 (2020 low). In this case, deeper fall would be seen to 38.2% retracement of 123.94 to 158.19 at 145.10. Nevertheless, strong rebound from 148.93 will retain medium term bullishness for another rise through 158.19 at a later stage.

Daily Pivots: (S1) 181.23; (P) 181.77; (R1) 182.29; More…

Range trading continues in GBP/JPY and intraday bias stays neutral. On the upside, firm break of 183.00 will argue that the pull back from 187.65 has completed, and turn bias back to the upside for retesting this high. On the downside, below 180.26 minor support will turn bias back to the downside for 178.02 again.

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) 148.34; (P) 149.16; (R1) 149.78; More…

In the bigger picture, the case for medium term reversal continues to build up on loss of medium term momentum as seen in 4 hour MACD. Also, firm break of 146.96 will indicate rejection by 55 month EMA and add to that case of reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43. Meanwhile, break of 156.59 will extend the rise from 122.36 to 61.8% retracement of 195.86 to 122.36 at 167.78.

Daily Pivots: (S1) 142.26; (P) 142.58; (R1) 142.97; 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) 181.76; (P) 182.40; (R1) 182.90; More…

Intraday bias in GBP/JPY remains neutral for the moment. Deeper decline is expected as long as 183.34 resistance holds. On the downside, break of 180.78 will resume the fall from 186.75 to 176.29 support next. Nevertheless, firm break of 183.34 will turn bias back to the upside for retesting 186.75 high.

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) 137.59; (P) 137.96; (R1) 138.43; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 136.55 is extending. In case of stronger rise, upside should be limited by 38.2% retracement of 146.50 to 136.55 at 140.35 to bring fall resumption. On the downside, break of 136.55 will turn bias to the downside and extend the fall from 148.87 to 131.51 low.

In the bigger picture, current development suggests that GBP/JPY’s 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) 199.60; (P) 200.06; (R1) 200.88; More….

Intraday bias in GBP/JPY remains neutral for the moment. Further rally is expected as long as 198.73 support holds. Firm break of 200.72 will confirm larger up trend resumption. Next target is 61.8% projection of 195.02 to 200.72 from 198.73 at 202.25.

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.

GBP/JPY was bounded in sideway consolidation below 141.50 last week and outlook remain unchanged. Initial bias stays neutral this week 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.

In the longer term picture, price actions from 122.75 (2016 low) are seen as developing into a consolidation pattern. That is, long term down trend from 195.86 (2015 high) and that from 251.09 (2007 high) are still in favor to extend through 116.83 (2011 low). We’ll hold on to this bearish view as long as 156.59 key resistance holds.