Daily Pivots: (S1) 150.32; (P) 150.80; (R1) 151.17; More…

GBP/JPY’s rally is still in progress for 100% projection of 123.94 to 142.71 from 133.03 at 151.80. That would be close to channel resistance (from 123.94 low) at 151.77. We’d be cautious on topping from there. But decisive break of this level will indicate upside acceleration for next key resistance at 156.59. Though, break of 147.38 support will indicate short term topping and bring deeper correction.

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) 165.92; (P) 166.50; (R1) 167.48; More…

Intraday bias in GBP/JPY remains neutral for the moment, and further rally is expected as long as 165.38 support holds. On the upside, break of 167.95 will resume the rebound from 155.33 to 169.26 resistance. However, firm break of 165.38 will argue that the corrective pattern from 172.11 is starting another falling leg. Intraday bias will be back on the downside for 162.75 support and below.

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) 165.55; (P) 166.07; (R1) 166.75; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Rise from 155.33 is resuming and further rally should be seen to 69.26 resistance next. For now, near term outlook will stay cautiously bullish as long as 162.75 support holds, in case of retreat.

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) 161.39; (P) 162.13; (R1) 162.57; More…

Intraday bias in GBP/JPY remains neutral for the momentum and another rise is in favor. On the upside, break of 163.73 would resume the rebound 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 to 172.11 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) 159.04; (P) 160.11; (R1) 161.84; More…

Intraday bias in GBP/JPY remains neutral for the moment. Further decline is mildly in favor. On the downside, break of 155.33 low will resume the fall from 172.11 to 153.70 fibonacci level next. On the upside, sustained trading above 55 day EMA (now at 160.99) 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.

GBP/JPY rose further to as high as 168.67 last week but retreated since then. Initial bias remains neutral this week first. Downside of retreat should be contained by 162.88 minor support to bring rebound. Break of 168.67 will resume larger up trend and target 100% projection of 150.95 to 168.40 from 155.57 at 173.02. However, break of 162.88 will bring deeper fall back towards 155.57 support.

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.

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 149.27) 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) 161.27; (P) 162.59; (R1) 163.63; More…

Intraday bias in GBP/JPY stays on the downside for 160.37 support. Decisive break there will argue that deeper fall is underway towards 162.67 support next. On the upside, though, break of 163.88 minor resistance will turn intraday bias neutral again first.

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) 153.29; (P) 154.59; (R1) 155.80; More…

GBP/JPY recovered after dropping to 153.34. But still, with 155.48 support turned resistance intact, further decline is expected. Fall from 158.04 is seen as the third leg of the corrective pattern from 158.19. Break of 152.88 will target 148.94 support next. However, firm break of 155.48 will dampen this view and turn bias back to the upside for 158.04 resistance instead.

In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

Daily Pivots: (S1) 161.62; (P) 162.21; (R1) 162.61; More…

Intraday bias in GBP/JPY is back on the downside with break of 161.08 minor support. Deeper fall would be seen to 159.52 support and below. On the upside, above 162.77 minor resistance will turn bias back to the upside for 163.91 resistance 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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 134.28; (P) 134.84; (R1) 135.14; More…

GBP/JPY drops sharply today and it’s now pressing 133.85 support. Break will confirm resumption of decline from 148.87 to retest 131.51 low. In case of another recovery, upside should be limited by 136.05 resistance to bring fall resumption eventually.

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) 150.65; (P) 151.29; (R1) 151.61; More…

GBP/JPY’s decline accelerates today and intraday bias stays on the downside for 148.43/149.16 key support zone. Decisive break there will resume whole fall from 156.05 to 143.78 fibonacci level. On the upside, above 150.80 minor resistance will turn intraday bias neutral first.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 152.80; (P) 153.21; (R1) 153.74; More…

Intraday bias in GBP/JPY remains on the upside. Current rally would target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32 first. Break will target 100% projection at 160.49 next. On the downside, break of 151.74 is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, it now looks like GBP/JPY has finally taken out 38.2% retracement of 195.86 to 122.36 at 150.43. Medium term rise from 122.36 should be targeting 61.8% retracement at 167.78. This will now be the favored case as long as 146.96 support remains intact.

Daily Pivots: (S1) 141.77; (P) 142.15; (R1) 142.44; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, above 144.84 will extend the rebound from 131.51. But we’d expect strong resistance from trend line (now at 146.93) to limit upside, at least on 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) 165.15; (P) 166.18; (R1) 167.34; More…

GBP?JPY’s rally continues today and intraday bias stays on the upside for 169.10. Firm break there will target 61.8% projection of 148.93 to 165.69 from 159.71 at 170.06, and then 100% projection at 176.47. On the downside, below 165.00 minor support will turn Intraday bias neutral first.

In the bigger picture, current development suggests that 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 pave the way to retest 195.86 high. This will now remain the favored case as long as 148.93 support holds.

Daily Pivots: (S1) 138.92; (P) 139.28; (R1) 139.95; More…

Intraday bias in GBP/JPY remains neutral at this point. Further rally is expected as long as 137.84 support holds. Rise from 123.94 has just resumed and break of 140.20 will target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, break of 137.84 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for pull back.

In the bigger picture, rise from 123.94 is still 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) 153.80; (P) 154.07; (R1) 154.37; More…

GBP/JPY’s break of 154.80 indicates up trend resumption. Current rally should now target 156.59 key resistance first. Break will carry larger bullish implication and target 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) 186.64; (P) 187.12; (R1) 187.94; More…

As long as 186.19 minor support holds, GBP/JPY’s rebound from 184.44 is still expected to continue to retest 188.26 high. Decisive break there will resume larger up trend. On the downside though, below 186.19 will extend the pattern from 188.26 with another fall to 184.44, and possibly further to 183.79 resistance turned support.

In the bigger picture, as long as 180.74 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 180.74 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.

Daily Pivots: (S1) 150.84; (P) 151.74; (R1) 152.38; More…

Intraday bias in GBP/JPY is turned neutral as it retreated after hitting 152.60. On the upside, break of 152.60 will solidify the case that correction from 158.19 has completed with three waves down to 148.94, after defending 148.93 key structural support. Further rally would be seen to 154.70 resistance for confirmation.

In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low). Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower.

GBP/JPY’s rise continued last week and hit as high as 143.25. As a temporary top was formed, initial bias remains neutral this week for some consolidations first. Downside of retreat should be contained well above 139.31 support to bring rise resumption. On the upside, break of 143.25 will resume the rally from 126.54. Sustained break of trend line resistance (now at 143.51) will pave the way to 148.87 key resistance next.

In the bigger picture, current rise from 126.54 is seen as the third leg of the consolidation pattern from 122.75 (2016 low). Further rally could be seen but for now, we’d expect strong resistance from 156.59 to limit upside. On the downside, sustained break of 135.74 resistance turned support will suggest that such rebound has completed. Deeper decline could the be seen to retest 126.54 low.

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. However, 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) 158.96; (P) 160.82; (R1) 161.90; More…

Intraday bias in GBP/JPY stays neutral at this point. On the downside, below 159.41 minor support will turn bias back to the downside for 148.93 again. However, firm break of 169.10 will confirm resumption of larger up trend. Also, while further rise could be seen, strong resistance might be seen from 169.10 high to limit upside, at least on first attempt.

In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.