Daily Pivots: (S1) 191.09; (P) 191.39; (R1) 191.67; More…..

Intraday bias in GBP/JPY remains neutral for the moment. More consolidations could be seen but outlook will stay bullish as long as 187.94 support holds. On the upside, break of 193.51 will resume larger up trend to 61.8% projection of 178.32 to 191.29 from 187.94 at 195.95, which is close to 195.86 long term resistance.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

Daily Pivots: (S1) 151.21; (P) 151.52; (R1) 152.14; More…

GBP/JPY’s rally is still in progress and intraday bias stays on the upside. Sustained trading above 100% projection of 123.94 to 142.71 from 133.03 at 151.80 and channel resistance (from 123.94 low) at 151.81 will indicate upside acceleration. Next target is key resistance at 156.59. On the downside, break of 150.54 minor support will turn bias back to the downside for 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) 141.63; (P) 142.00; (R1) 142.28; More…

GBP/JPY’s fall is still in progress and intraday bias remains on the downside. The cross is in the third leg of the correction from 147.95. Next target is 38.2% retracement of 126.54 to 147.95 at 139.77. For now, risk will stay on the downside as long as 144.60 resistance holds, in case of recovery.

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) 126.63; (P) 127.07; (R1) 127.60; More…

Intraday bias in GBP/JPY is turned neutral with the strong recovery in early US session. For now, as long as 130.06 minor resistance holds, further decline is still expected. Break of 126.54 will extend larger down trend to 122.36 low. However, break of 130.06 will indicate short term bottoming. Stronger rebound should be seen to 55 day EMA (now at 134.55).

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) 143.06; (P) 143.88; (R1) 145.29; More…

GBP/JPY’s rebound from 131.51 resumed by breaking 144.84 and intraday bias is back on the upside. At this point, we’d expect strong resistance from trend line (now at 146.64) 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.

GBP/JPY’s fall from 153.84 accelerated to as low as 147.04 last week. The development is in line with our view that corrective rise from 144.97 has completed at 153.84 already. And whole fall from 156.59 could be resuming. Initial bias stays on the downside this week for 144.97 low first. Break there will target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next. On the upside, above 148.38 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 150.60 support turned resistance to bring another decline.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.94) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.26 is in favor to extend to 50% retracement of 195.86 (2015high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

Daily Pivots: (S1) 151.62; (P) 152.25; (R1) 153.33; More…

GBP/JPY’s rally from 144.97 continues today and reaches as high as 153.56 so far. Break of near term channel resistance shows upside acceleration. Intraday bias stays on the upside for a test on 156.59 high next. On the downside, below 152.23 minor support will turn intraday bias neutral first. But another rise would be expected as long as 150.58 resistance turned support holds.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

Daily Pivots: (S1) 153.77; (P) 154.39; (R1) 154.92; More…

Intraday bias in GBP/JPY remains neutral at this point, and further further decline is expected with 155.48 resistance intact. 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 38.2% retracement of 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.

GBP/JPY’s fall from 147.76 resumed last week and reached as low as 141.24. A temporary low is in place and initial bias is neutral this week first. But near term outlook remains mildly bearish as long as 144.01 support turned resistance holds. Below 141.24 will extend the fall from 147.76 to 138.65 support and below. 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 144.01 will indicate completion of the decline from 147.76 and turn bias back to the upside.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. But 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 still 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.

In the longer term picture, it remains to be confirmed if whole down trend from 195.86 has completed at 122.36 already and there is no confirmation yet. But in any case, firm break of 38.2% retracement of 195.86 to 122.36 at 150.43 would pave the way to 61.8% retracement at 167.78. And with that, the 55 month EMA will be firmly taken out which suggests that price actions from 116.83 is indeed a sideway pattern that could last more than a decade.

Daily Pivots: (S1) 188.99; (P) 189.36; (R1) 189.70; More…

Intraday bias in GBP/JPY remains neutral as consolidations continue below 190.05. Further rally is expected with 187.83 minor support intact. Break of 190.05 will target 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. However, break of 187.83 will turn bias to the downside for deeper correction back to 185.21 support instead.

In the bigger picture, up trend from 123.94 (2020 low) in in progress. Medium term outlook will stay bullish as long as 178.32 support holds. Next target is 195.86 long term resistance (2015 high).

Daily Pivots: (S1) 145.79; (P) 146.33; (R1) 147.12; More

Intraday bias in GBP/JPY is turned neutral with the current recovery. But still, as short term top is formed at 147.76, deeper decline is in favor. Below 145.25 will turn bias to the downside for 55 day EMA (now at 143.70). Break there will target 135.58 key support level again. On the upside, though, decisive break of 148.09/42 will pave the way to long term fibonacci level at 150.43.

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) 181.89; (P) 182.85; (R1) 183.37; More…

Intraday bias in GBP/JPY is turned neutral first with current retreat. Outlook is unchanged that pull back from 186.75 should have completed 178.02 already. Above 183.79 will resume the rebound from 178.02 to retest 186.75 high. On the downside, however, break of 181.23 will dampen this view, and turn bias back to the downside for 178.02 instead.

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) 199.77; (P) 200.09; (R1) 200.49; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, decisive break of 200.72 will resume larger up trend. Nevertheless, break of 197.18 will turn bias to the downside and extend the corrective pattern from 200.53 with another falling leg.

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.

Daily Pivots: (S1) 144.28; (P) 144.92; (R1) 145.32; More…

Intraday bias in GBP/JPY remains on the downside as this point. The consolidation pattern from 143.18 should have completed with three waves up to 149.30 already. Deeper fall should be seen to 143.18/76 support zone. Deceive break there will resume larger decline from 156.59. On the upside, above 145.53 minor resistance will turn intraday bias neutral first. But outlook will stay mildly bearish as long as 147.13 resistance holds.

In the bigger picture, decline from 156.59 is seen as a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

Daily Pivots: (S1) 144.00; (P) 144.76; (R1) 145.34; More…

GBP/JPY dips to 143.95 so far today and breach of 144.02 suggests fall resumption. Intraday bias is turned back to the downside for 142.76 support first. Break there will extend the decline from 149.48 to 139.29/47 key support zone. On the upside, break of 145.51 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain cautiously bearish even in case of recovery.

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) 131.79; (P) 132.57; (R1) 133.37; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Corrective rebound from 126.54 should have completed with three waves up to 135.74, after failing to sustain above 38.2% retracement of 148.87 to 126.54 at 135.07. Deeper fall should be seen to retest 126.54 low. On the upside, break of 133.35 will turn intraday bias neutral first.

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).

Daily Pivots: (S1) 158.13; (P) 161.29; (R1) 163.44; More…

GBP/JPY’s break of 159.42 support is taken as a early sign of bearish trend reversal. Intraday bias stays on the downside for 155.57 support first. Decisive break there should confirm this bearish case. On the upside, above 162.28 minor resistance will turn intraday bias neutral 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. However, firm break of 155.57 will confirm medium term topping, after rejection by 167.93. Outlook will be turned bearish for deeper decline.

Daily Pivots: (S1) 148.62; (P) 149.32; (R1) 149.83; More

Intraday bias in GBP/JPY is mildly on the downside for 149.82 support. Break there will resume the correction from 152.82 and target 61.8% retracement of 139.29 to 152.82 at 144.45. Such decline is seen as a correction and we’d look for strong support from 144.45 to bring rebound. On the upside, above 151.38 will target a test on 152.82 high instead.

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) 131.27; (P) 131.91; (R1) 133.02; More…

Intraday bias in GBP/JPY remains on the upside as corrective rebound from 126.54 short term bottom is in progress. But upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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) 138.03; (P) 138.52; (R1) 138.99; More…

Intraday bias in GBP/JPY is back on the upside with breach of 139.20. Firm break of 139.73 resistance resume the whole rise from 123.94 and target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. Nevertheless, break of 136.62 will turn intraday bias back to the downside to extend the consolidation pattern from 139.73.

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.