Daily Pivots: (S1) 131.82; (P) 133.19; (R1) 135.65; More…

GBP/JPY’s rally accelerates to as high as 137.46 so far. Break of 135.74 resistance confirms resumption of whole rise from 126.54 low. Intraday bias stays on the upside for 61.8% retracement of 148.84 to 126.54 at 140.33. On the downside, below 134.55 minor support 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) 131.82; (P) 133.19; (R1) 135.65; More…

Intraday bias in GBP/JPY remains on the upside for 135.74 resistance. Break there will resume whole rebound from 126.54 and target 61.8% retracement of 148.84 to 126.54 at 140.33. On the downside, break of 130.42 will resume the fall to retest 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 target 116.83 (2011 low).

Daily Pivots: (S1) 130.60; (P) 131.21; (R1) 131.77; More…

GBP/JPY’s rebound and break of 132.24 resistance suggests that pull back from 135.74 is completed. And rise from 126.54 is possibly not over yet. Intraday bias is turned back to the upside for 135.74 first. On the downside, break of 130.42 will resume the fall to retest 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 target 116.83 (2011 low).

Daily Pivots: (S1) 130.60; (P) 131.21; (R1) 131.77; More…

With 132.24 minor resistance intact, further decline is expected in GBP/JPY for retesting 126.54 low. However, break of 132.24 minor resistance will turn intraday bias back to the upside for 135.74 resistance instead.

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) 130.15; (P) 131.14; (R1) 131.83; More…

Intraday bias in GBP/JPY remains on the downside at this point. Corrective rebound from 126.54 should have completed. Deeper fall should be seen to retest this low. On the upside, break of 132.24 minor resistance will turn intraday bias back to the upside for 135.74 resistance instead.

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) 131.34; (P) 131.79; (R1) 132.26; More…

GBP/JPY’s fall from 135.74 continues today and intraday bias remains on the downside. Corrective rebound from 126.54 should have completed. Deeper fall should be seen to retest this low. On the upside, break of 132.24 minor resistance will turn intraday bias back to the upside for 135.74 resistance instead.

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) 131.34; (P) 131.79; (R1) 132.26; More…

With 133.35 minor resistance intact, further decline is expected in GBP/JPY. Corrective rebound from 126.54 should have completed at 135.74. Deeper fall should be seen back to retesting 126.54 low. On the upside, break of 133.35 will turn intraday bias back to the upside for 135.74 resistance instead.

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) 131.43; (P) 131.72; (R1) 132.14; More…

Intraday bias in GBP/JPY remains mildly on the downside. Corrective rebound from 126.54 should have completed at 135.74. Deeper fall should be seen back to retesting 126.54 low. On the upside, break of 133.35 will turn intraday bias neutral first and turn focus back to 135.74 resistance.

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).

GBP/JPY’s decline last week argues that rebound from 126.54 has completed at 135.74, after failing to sustain above 38.2% retracement of 148.87 to 126.54 at 135.07. Initial bias stays on the downside this week for retesting 126.54 low. On the upside, break of 133.35 will turn intraday bias neutral first and turn focus back to 135.74 resistance.

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.

Daily Pivots: (S1) 131.38; (P) 132.02; (R1) 132.45; More…

Intraday bias in GBP/JPY remains on the downside at this point. 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) 131.38; (P) 132.02; (R1) 132.45; More…

Intraday bias in GBP/JPY remains on the downside as fall from 135.74 is in progress. 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) 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) 132.47; (P) 132.90; (R1) 133.33; More…

GBP/JPY’s break of 132.17 support suggests rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Corrective rebound from 126.54 has completed with three waves up to 135.74. Intraday bias is back on the downside for retesting 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) 132.47; (P) 132.90; (R1) 133.33; More…

Intraday bias in GBP/JPY remains neutral 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).

Daily Pivots: (S1) 132.22; (P) 132.75; (R1) 133.18; More…

Intraday bias in GBP/JPY remains neutral at this point, with focus on 132.17. 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).

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.

Daily Pivots: (S1) 132.42; (P) 132.86; (R1) 133.33; More…

Intraday bias in GBP/JPY stays neutral first. On the downside, break of 132.17 will indicate completion of rebound from 126.54. Intraday bias will be turned back to the downside for retesting 126.54. 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.

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) 132.62; (P) 133.31; (R1) 133.78; More…

Intraday bias in GBP/JPY remains neutral with focus on 132.17. Break will indicate completion of rebound from 126.54. Intraday bias will be turned back to the downside for retesting 126.54. 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.

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) 133.38; (P) 133.99; (R1) 134.43; More…

Intraday bias in GBP/JPY remains neutral for consolidation 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) 133.20; (P) 133.88; (R1) 134.39; More…

Intraday bias in GBP/JPY stays neutral at this point. 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).