Daily Pivots: (S1) 128.16; (P) 130.63; (R1) 132.34; More…

GBP/JPY’s fall from 147.95 is still in progress and intraday bias remains on the downside for retesting 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.

GBP/JPY surged to as high as 139.20 last week as rise from 131.68 extended. Initial bias stays on the upside this week for 139.73 resistance first. Break there will resume the whole rise from 123.94 and target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. On the downside, break of 136.62 resistance turned support is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish in case of retreat.

In the bigger picture, rise from 123.94 is currently 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.

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

Daily Pivots: (S1) 131.54; (P) 132.39; (R1) 132.84; More…

Intraday bias in GBP/JPY remains on the downside at this point. Fall from 139.73 should target 129.27 support. Decisive break there will confirm completion of rebound from 123.94 at 139.73. Deeper fall would be seen to retest 123.94 low. On the upside, break of 133.50 minor resistance will turn intraday bias neutral first. But further decline will remain in favor as long as 136.34 resistance holds.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) are seen 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) 147.48; (P) 148.33; (R1) 149.24; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 150.39. Still, further rally is expected as long as 146.39 minor support holds. Break of 150.39 will target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. However, firm break of 146.39 will confirm short term topping, and bring deeper pull back to 55 day EMA (now at 143.63).

In the bigger picture, rise from 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). With 147.95 resistance taken out, further rally would now be seen to 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) 144.08; (P) 144.40; (R1) 144.62; More

GBP/JPY drops to as low as 143.51 so far today. Break of 144.01 support confirms resumption of fall from 147.76 and intraday bias is now on the downside for trend line support (now at 141.87). Further break there will target 135.58/138.65 support zone. As GBP/JPY is seen as staying in consolidation pattern from 148.42, we’d expect strong support from 135.58 to contain downside. On the upside, break of 146.77 is needed to signal completion of the fall from 147.76. Otherwise, near term outlook will now be cautiously bearish even in case of recovery.

In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we’d be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.

Daily Pivots: (S1) 134.44; (P) 134.82; (R1) 135.36; More…

Intraday bias in GBP/JPY remains neutral for the moment. As long as 133.94 minor support holds, further rise is mildly in favor. On the upside, above 135.91 will extend the rebound from 131.68 towards 139.73 high. However, break of 133.94 will suggest that the rebound has completed. Intraday bias will be turned back to the downside for 131.68 support instead.

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) 149.14; (P) 149.93; (R1) 150.82; More…

GBP/JPY’s break of 150.39 suggests rally resumption. Intraday bias is back on the upside for 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. On the downside, however, break of 147.38 support should now indicate short term topping. Deeper correction would seen back to 55 day EMA (now at 144.42).

In the bigger picture, rise from 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). With 147.95 resistance taken out, further rally would now be seen to 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) 151.43; (P) 151.77; (R1) 152.28; More…

GBP/JPY’s rise from 149.03 resumes by taking out 152.38. Intraday bias is back on the upside for 153.39 high first. Firm break there will resume larger up trend from 123.94. Next target is 156.69 long term resistance. For now, this will remain the favored case 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. 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) 147.68; (P) 148.07; (R1) 148.35; More…

No change in GBP/JPY’s outlook. Corrective pattern from 152.82 is still in progress and could extend through 146.92 support. But we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to contain downside and bring rebound. On the upside, break of 149.45 minor resistance will turn bias back to the upside for 151.92/152.82 resistance zone.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after corrective pull back from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 139.29 will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.

Daily Pivots: (S1) 159.55; (P) 160.65; (R1) 162.32; More…

Intraday bias in GBP/JPY remains neutral for the moment. Current development suggests that fall from 165.99 is a falling leg of the whole decline from 172.11. Deeper decline is expected as long as 164.12 resistance holds. Break of 158.54 will target a retest on 155.33 low. However, break of 164.12 resistance will bring stronger rise back to 165.99 resistance.

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) 143.51; (P) 144.18; (R1) 145.27; More…

A temporary top is in place at 144.84 in GBP/JPY with the current retreat. Intraday bias is turned neutral for consolidation. For now, further rise is still expected as long as 140.62 support holds. Above 144.82 will extend the rebound from 131.51 to trendline resistance at around 147.35. We’d expect strong resistance from there to limit upside at 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.

Daily Pivots: (S1) 164.73; (P) 165.19; (R1) 165.91; More…

No change in GBP/JPY’s outlook and intraday bias remains on the upside for retesting 168.67. Decisive break there will resume larger up trend. On the downside, however, break of 159.97 will bring deeper fall back towards 155.57 support instead.

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.

Daily Pivots: (S1) 143.69; (P) 144.83; (R1) 145.43; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, decisive break of 143.72 support will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next.

In the bigger picture, focus is now staying on 149.98 key resistance. Decisive break there should confirm that that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 154.37; (P) 154.85; (R1) 155.20; More…

Intraaday bias in GBP/JPY remains neutral as consolidation from 156.05 might extend. But further rise is expected with 153.81 intact. Break of 156.05 will resume larger up trend for 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, firm break of 153.81 will indicate short term topping and turn bias back to the downside for deeper pull back.

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) 169.37; (P) 170.00; (R1) 171.14; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. On the upside, break of 172.30 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, firm break of 167.95 should confirm short term topping, and turn bias back to the downside for deeper pull back to 165.40 support and possible below instead.

In the bigger picture, focus stays on 172.11 resistance (2022 high). Decisive break there will resume whole up trend from 123.94 (2020 low). Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. Nevertheless, firm break of 165.40 support will indicate rejection by 172.11 and extend the corrective pattern from there with another falling leg.

Daily Pivots: (S1) 141.38; (P) 142.05; (R1) 143.10; More…

With 140.67 minor support intact, intraday bias in GBP/JPY remains mildly on the upside for 144.77 resistance. Rise from 136.44 is seen as the second leg of the consolidation pattern from 148.42. Break of 144.77 will target a test on this 148.42 high. On the downside, below 140.67 minor support will turn bias back to the downside and extend the fall fro 144.77 through 138.53.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

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Daily Pivots: (S1) 149.77; (P) 150.08; (R1) 150.61; More…

No change in GBP/JPY’s outlook. Correction from 153.39 is still in progress and could extend lower. But downside should be contained by 148.50 support to bring rebound. On the upside, break of 151.95 will argue that larger rally is ready to resume, and bring retest of 153.39 high first. However, firm break of 148.50 will bring deeper correction to channel support (now at 143.31).

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) 150.23; (P) 151.35; (R1) 152.16; More…

GBP/JPY surges to as high as 152.93 so far today. Breach of 152.82 resistance argues that medium term rally is resuming. Intraday bias is back on the upside. Sustained trading above 152.93 will pave the way to 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. On the downside, though, break of 150.57 minor support will dampen the bullish view and turn bias neutral first.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after consolidation from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 46.96 support will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.

Daily Pivots: (S1) 144.28; (P) 144.80; (R1) 145.18; More…

With 145.99 minor resistance intact, intraday bias in GBP/JPY remains on the downside for 142.76 support. Sustained break there will bring retest of 139.39/47 key support zone. On the upside, above 145.99 support turned resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.

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) 152.94; (P) 153.16; (R1) 153.42; More…

Break of 152.27 minor support suggests temporary topping at 153.39. Intraday bias in GBP/JPY is turned neutral for some consolidations. But outlook will stay bullish as long as 148.50 support holds. On the upside, break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

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.