Daily Pivots: (S1) 142.93; (P) 143.29; (R1) 143.61; More…

Intraday bias in GBP/JPY remains neutral first. Overall, it’s staying in consolidation from 147.95 and might extend further in the near term. On the downside, break of 142.33 support will turn bias back to the downside for 140.92 support and below. On the upside, above 144.95 would bring retest of 147.95.

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) 133.57; (P) 134.65; (R1) 135.22; More…

Intraday bias in GBP/JPY remains neutral for the moment. Some more consolidations could be seen below 135.74 temporary top. On the upside, sustained break of 38.2% retracement of 148.87 to 126.54 at 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next. However, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

Daily Pivots: (S1) 186.91; (P) 187.39; (R1) 187.73; More…

Intraday bias in GBP/JPY remains neutral for the moment, and some more consolidations could be seen below 188.63. While deeper retreat cannot be ruled out, near term outlook will stay bullish as long as 184.44 support holds. On the upside, break of 188.63 will resume larger up trend.

In the bigger picture, as long as 184.44 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 184.44 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) 183.29; (P) 183.65; (R1) 184.15; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Break of 182.12 support will turn bias back to the downside for deeper correction. But downside should be contained above 172.30 resistance turned support to bring another rally. On the upside, break of 183.99 will resume larger up trend to 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target is 195.86 (2015 high). For now, medium term outlook will remain bullish as long as 172.11 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 168.88; (P) 169.64; (R1) 170.14; More…

Intraday bias in GBP/JPY stays neutral for the moment as consolidation from 172.30 is extending. Downside should be contained by 167.95 resistance turned support to bring another rally. 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 instead.

In the bigger picture, based on current momentum, up trend from 123.94 (2020 low) is likely ready to resume. Next target is 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 165.40 support holds, in case of retreat.

GBP?JPY’s rise from 149.16 continued last week after brief consolidations. Initial bias stays on the upside this week for 153.42 resistance. Firm break there would indicate that the whole corrective pattern from 156.05 has completed. Further rally would then be see to retest this high. However, break of 151.39 support will argue that rebound from 149.16 has completed, and turn bias back to the downside for retesting this low.

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.

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). However, rejection by 156.69 will invalidate the bullish signal and keep long term outlook neutral first.

Daily Pivots: (S1) 151.79; (P) 152.43; (R1) 153.69; More…

Intraday bias in GBP/JPY remains neutral first with focus on 153.14 minor resistance. Firm break there will argue that corrective fall from 156.05 has completed with three waves down to 150.64, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for 155.13/156.05 resistance zone. On the downside, break of 150.64 will resume the correction. But downside should be contained by 38.2% retracement of 136.96 to 156.05 at 148.75 to bring rebound.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains 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.

GBP/JPY edged lower to 135.08 but recovered quickly. Initial bias remains neutral this week for some consolidations first. Outlook will remain bearish as long as 137.78 resistance holds. Break of 135.08 will extend recent decline to 131.51 low 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.

In the longer term picture, firstly, GBP/JPY’s is kept well below 55 month EMA, keeping outlook bearish. But we’re treating price actions from 122.36 as a corrective pattern. Hence, we’d expect range trading to continue longer. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. However, break of 122.26 will put 116.83 (2011 low) back into focus.

Daily Pivots: (S1) 164.70; (P) 165.35; (R1) 166.51; More…

Intraday bias in GBP/JPY stays on the upside for the moment. Firm break of 166.31 resistance will argue that larger up trend is ready to resume through 168.67 high. On the downside, below 164.16 minor support will turn intraday bias neutral first, and would probably extend the corrective pattern from 168.67 with more sideway trading.

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) 150.98; (P) 151.44; (R1) 152.15; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. Correction from 156.05 might have completed at 148.43, after defending 38.2% retracement of 136.96 to 156.05 at 148.75 Further rise should be seen to 153.46 resistance first. Break will bring retest of 156.05 high. On the downside, below 150.71 minor support will turn intraday bias neutral again first.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains 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, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

Daily Pivots: (S1) 130.99; (P) 131.75; (R1) 132.71; More…

Intraday bias in GBP/JPY remains neutral first. Further decline is expected as long as 133.18 resistance holds. Break of 129.27 will target 61.8% retracement of 123.94 to 135.74 at 128.44. Firm break there will target a test on 123.94 low. However, break of 133.18 will invalidate our bearish view and turn bias back to the upside for 135.74 resistance.

In the bigger picture, 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) 155.46; (P) 155.97; (R1) 156.90; More…

Intraday bias in GBP/JPY remains on the upside for retesting 157.74/158.19 resistance. Firm break there will resume larger up trend from 123.94. On the downside, break of 154.46 minor support will mix up the outlook again and turn intraday bias neutral.

In the bigger picture, price actions from 158.19 are currently 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) 147.01; (P) 147.70; (R1) 148.39; More…

GBP/JPY is staying in tight range below 148.87 and intraday bias remains neutral for more consolidation. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next. On the downside, though, break of 143.72 support will indicate near term reversal and turn outlook bearish for 141.00 support.

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 in 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 149.48 will pave the way to 156.59 resistance and above. However, firm break of 141.00 support will dampen this view and turn focus back to 131.51 low instead.

GBP/JPY edged higher again to 186.75 last week but the retreated to 183.35. With subsequent recovery, initial bias is neutral this week first. But risk will stays on the downside as long as 186.75 resistance holds. Break of 183.35 will resume the correction from 186.75 short term top to 55 D EMA (now at 181.17) and possibly below.

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.

In the longer term picture, rise from 122.75 (2016 low) in still in progress to retest 195.86 (2015 high). Based on current momentum, break of 195.86 is in favor. But strong resistance could still be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 (2011 low) at 199.80 to limit upside on first attempt.

GBP/JPY gyrated lower last week but stays above 132.17 minor support so far. Initial bias remains neutral this week first. On the downside, break of 132.17 support will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned to the downside for retesting 126.54 low. On the upside, sustained break of 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will target 116.83 (2011 low).

In the longer term picture, for now, we’re treating price actions from 122.75 (2016 low) as a corrective pattern. Hence, strong support could be seen at 122.75 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term down trend from 251.09 (2007 high). Next downside target will be 61.8% projection of 195.86 to 122.36 from 156.59 at 111.16.

GBP/JPY dropped to 141.25 but recovered ahead of 140.83. Initial bias remains neutral this week as range trading might continue. Further decline remains in favor as long as 144.60 resistance holds. Below 141.25 will target 38.2% retracement of 126.54 to 147.95 at 139.77. However, firm break of 144.60 will bring retest of 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.

In the longer term picture, in spite of the current strong rally, 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) 166.87; (P) 167.98; (R1) 169.95; More…

GBP/JPY is staying in consolidation from 172.11 and intraday bias remains neutral. Further rally is mildly in favor with 164.95 support intact. On the upside, break of 172.11 will resume larger up trend. However, break of 164.95 will bring deeper pull back to 159.71 support and below.

In the bigger picture, up trend from 123.94 (2020 low), as part of the trend from 122.75 (2016 low) is still in progress. Further rise would be seen to 161.8% projection of 122.75 to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 148.93 support holds.

Daily Pivots: (S1) 152.64; (P) 152.99; (R1) 153.57; More…

GBP/JPY’s break of 153.14 resistance now suggests that corrective fall from 156.05 has completed with three waves down to 150.64, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for retesting 155.13/156.05 resistance zone next. On the downside, though, break of 152.38 minor support will dampen the bullish case and turn bias neutral first. In this case, correction from 156.05 might still extend with another falling leg.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains 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) 133.82; (P) 134.25; (R1) 134.56; More…

Intraday bias in GBP/JPY stays on the upside for 136.64 resistance. Break there should confirm completion of pull back from 139.73. Further rise should then be seen to retest 139.73 high. On the downside, below 133.94 minor support will turn bias back to the downside for 131.68 support next.

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) 142.90; (P) 143.53; (R1) 144.60; More

GBP/JPY surges to as high as 145.94 today and intraday bias remains on the upside. Current rise from 139.29 should target a test on 147.76/148.42 resistance zone. Decisive break there will confirm resumption of medium term rebound from 122.36. On the downside, below 144.22 minor support will turn intraday bias neutral first. Overall, for the moment, GBP/JPY is still bounded in sideway consolidation pattern from 148.42.

In the bigger picture, the sideway pattern from 148.42 is still unfolding. In case of deeper fall, we’d expect strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Medium term rise from 122.36 is expected to resume later. And break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. However, firm break of 135.58/39 will dampen the bullish view and turn focus back to 122.36 low.