Daily Pivots: (S1) 127.19; (P) 128.40; (R1) 129.45; More…

GBP/JPY is staying in consolidation from 123.94 and intraday bias remains neural first. Stronger recovery cannot be ruled out. But in case of stronger rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring fall resumption. Break of 123.94 will resume larger down trend.

In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

Daily Pivots: (S1) 126.05; (P) 129.05; (R1) 131.67; More…

Intraday bias in GBP/JPY neutral for consolidation above 123.94. Stronger recovery cannot be ruled out. But in case of stronger rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring fall resumption. Break of 123.94 will resume larger down trend.

In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

GBP/JPY dropped to as low as 123.94 last week, then formed a short term bottom there and recovered. Initial bias is neutral this week for some consolidations first. In case of stronger rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring fall resumption. Break of 123.94 will resume larger down trend.

In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

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) could be resuming. Break of 116.83 will target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next.

Daily Pivots: (S1) 124.67; (P) 127.12; (R1) 129.84; More…

A temporary low is formed at 123.94 in GBP/JPY and intraday bias is turned neutral first. Further fall is expected as long as 130.54 resistance holds. Break of 123.94 will extend larger decline to 122.75 long term support next. Nevertheless, break of 130.54 will indicate short term bottoming and turn outlook neutral for lengthier consolidations.

In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

Daily Pivots: (S1) 128.87; (P) 129.61; (R1) 130.01; More…

GBP’/JPY drops to as low as 123.94 so far and break of 126.54 low confirms down trend resumption. Intraday bias stays on the downside for 122.75 long term support next. On the upside, break of 130.54 resistance is needed to indicate short term bottoming. Otherwise, outlook remains 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, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

Daily Pivots: (S1) 128.52; (P) 129.88; (R1) 131.14; More…

Intraday bias in GBP/JPY remains on the downside at this point. Current fall form 147.95 should target a test on 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.

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.

Daily Pivots: (S1) 131.25; (P) 132.78; (R1) 134.33; More…

Intraday bias in GBP/JPY remains on the downside at this point. Further fall is expected 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 139.89).

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’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.