Daily Pivots: (S1) 157.47; (P) 158.55; (R1) 159.56; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. 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.

Daily Pivots: (S1) 143.92; (P) 144.57; (R1) 144.92; More

Intraday bias in GBP/JPY remains neutral with focus on 114.01 support. Break will turn bias to the downside for trend line support (now at 141.78). Further break there will target 135.58/138.65 support zone. However, above 146.77 will turn bias to the upside. Further break of 147.76/148.42 key resistance zone will resume larger rebound from 122.36. However, above 146.77 will turn bias to the upside. Further break of 147.76/148.42 key resistance zone will resume larger rebound from 122.36.

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) 151.62; (P) 151.92; (R1) 152.34; More…

Intraday bias in GBP/JPY remains neutral for the moment. Further rally is mildly in favor with 151.32 minor support intact. Above 152.27 will target 153.42 resistance first. Decisive break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, break of 151.32 minor support will turn bias back to the downside for 149.16 support instead.

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) 143.92; (P) 144.33; (R1) 144.89; More…

Intraday bias in GBP/JPY remains neutral and another rise is mildly in favor. On the upside, break of 144.85 resistance suggests resumption of rebound from 131.51. Break of 145.04 will extend the rally. But we’d expect strong resistance from trend line (now at 146.75) 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.

Daily Pivots: (S1) 160.15; (P) 160.78; (R1) 161.97; More…

GBP/JPY’s rally resumes after brief retreat and intraday bias is back on the upside. Current up trend should target 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, below 159.01 minor support will turn intraday bias neutral again. But downside of retreat should be contained above 156.35 minor support to bring another rally.

In the bigger picture, up trend from 123.94 (2020 low) should still be in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93. Sustained break there will be a long term bullish signal. This will now remain the favored case as long as 148.94 support holds.

Daily Pivots: (S1) 152.94; (P) 153.16; (R1) 153.42; More…

Break of 152.27 minor support suggests temporary topping at 153.39. Intraday bias in GBP/JPY is turned neutral for some consolidations. But outlook will stay bullish as long as 148.50 support holds. On the upside, break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

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. 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) 162.50; (P) 163.18; (R1) 163.78; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Consolidation from pattern from 168.67 could extend further. On the upside, above 163.97 will turn bias to the upside, and resume the rebound to 166.31 resistance. Break there will be the first sign of up trend resumption. On the downside, break of 159.42 will extend the correction 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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 139.92; (P) 140.75; (R1) 142.33; More….

GBP/JPY’s rebound from 138.65 extends higher to but and break of near term falling channel suggests reversal. Focus is back on 142.75 minor resistance. Break will confirm and turn bias to the upside for retesting 148.09. Below 138.65 will extend the fall from 148.09. In that case, we’d look for bottoming signal around 135.58, which is close to 135.39 fibonacci level, to bring rebound.

In the bigger picture, while the fall from 148.09 is deeper than expected, we’re not bearish in the cross yet. Price action from 148.42 is possibly developing into a sideway pattern with fall from 148.09 as the third leg. Deeper decline could be seen but we’re looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Rise from 122.36 is still mildly in favor to resume at a later stage. However, sustained break of 135.58/39 will confirm reversal and target a retest on 122.36 low.

Daily Pivots: (S1) 145.62; (P) 146.20; (R1) 146.61; More….

Intraday bias in GBP/JPY remains neutral for the moment. Consolidation from 148.09 could extend. But in case of deeper fall downside should be contained by 38.2% retracement of 135.58 to 148.09 at 143.31 and bring rise resumption. Break of 148.42 will target 150.42 long term fibonacci level first. Break there will pave the way to 100% projection of 122.36 to 148.42 from 135.58 at 161.64.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

Daily Pivots: (S1) 156.47; (P) 157.12; (R1) 157.77; More…

Intraday bias in GBP/JPY remains neutral and consolidation from 158.19 could extend further. On the upside, break of 158.19 will resume larger up trend from 123.94. Next target will be 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.

Daily Pivots: (S1) 186.63; (P) 187.18; (R1) 188.00; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, firm break of 187.60 will turn bias to the upside for 188.90. Break there will confirm resumption of larger up trend. Meanwhile, below 185.21 will turn bias to the downside and extend the correction from 188.90.

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) 149.70; (P) 150.01; (R1) 150.37; More

Intraday bias in GBP/JPY remains neutral first. At this point, we’re still favoring the case that recovery from 146.92 has completed at 151.92. Another fall is expected and below 148.65 should send GBP/JPY through 146.92. We’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to contain downside and bring rebound. On the upside, above 151.92 will retest 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) 128.31; (P) 128.97; (R1) 129.70; More…

Outlook in GBP/JPY is unchanged as consolidation from 128.11 is extending. Intraday bias remains neutral first. Upside of recovery should be limited below 133.85 support turned resistance to bring fall resumption. On the downside, break of 128.10 will target 122.36 low next.

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) 137.72; (P) 138.30; (R1) 138.80; More…

Intraday bias in GBP/JPY remains neutral at this point. Further rise is in favor as long as 136.62 resistance turned support holds. On the upside, firm break of 139.73 will 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.

Daily Pivots: (S1) 190.57; (P) 190.95; (R1) 191.55; More…

Intraday bias in GBP/JPY is back on the upside with breach of 191.12 temporary top. Firm break of 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50 will extend larger up trend to 100% projection at 195.40. On the downside, however, break of 190.32 minor support will turn bias back to the downside for deeper pullback.

In the bigger picture, up trend from 123.94 (2020 low) is 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) 179.07; (P) 179.80; (R1) 180.30; More…

Intraday bias in GBP/JPY stays neutral as range trading continues. Further decline is expected as long as 184.15 resistance holds. On the downside, break of will resume the decline from 188.63 and target 38.2% retracement of 148.93 to 188.63 at 173.46. However, decisive break of 184.15 will argue that pull back from 188.63 has completed and bring retest of this high.

In the bigger picture, price actions from 188.63 medium term top are currently seen as a correction to the up trend from 148.93 (2022 low) only. As long as 172.11 resistance turned support holds, larger up trend from 123.94 (2020 low) is still in favor to resume through 188.63 at a later stage.

Daily Pivots: (S1) 143.79; (P) 144.12; (R1) 144.42; More…

GBP/JPY’s decline accelerates to as low as 142.71 so far today. The firm break of 143.18 confirms resumption of larger decline from 156.59. Intraday bias is back on the downside for 139.29/47 key support level. On the upside, above 143.80 minor resistance will turn bias neutral and bring consolidation. But recovery should be limited by 145.25 support turned resistance to bring fall resumption.

In the bigger picture, decline from 156.59 is seen as a corrective move. In case of deeper 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. However, sustained break of 139.29/47 will confirm medium term reversal and turn outlook bearish for 122.36 (2016 low) again.

GBP/JPY’s rebound from 136.44 extended higher last week and the development suggests that corrective fall from 148.42 has completed at 136.44 already. Initial bias stays on the upside this week for retesting 148.42. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, below 140.74 will turn bias to the downside to extend the pattern from 148.42 with another falling leg.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern even. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Though, sustained break will extend the rebound towards 61.8% retracement at 167.78.

In the longer term picture, while price actions from 122.36 would develop into a medium term correction, fall from 195.86 is still seen as resuming the down trend from 251.09 (2007 high). Hence, after the correction from 122.36 completes we’d expect another fall through 116.83 low.

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Daily Pivots: (S1) 152.99; (P) 153.32; (R1) 153.94; More…

Intraday bias in GBP/JPY stays on the downside as fall from 158.19 would target 148.93 structural support level. On the upside, break of 154.63 minor resistance will revive near term bullishness and turn bias back to the upside for 158.19 high.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.

Daily Pivots: (S1) 190.40; (P) 190.68; (R1) 191.10; More….

GBP/JPY’s break of 190.32 suggests short term topping at 191.29. Considering bearish divergence condition in 4H MACD, it could now be correcting whole rally from 178.32. Intraday bias is back on the downside for 188.90 resistance turned support first. Firm break there will target 38.2% retracement of 178.32 to 191.29 at 186.33. For now, risk will stay on the downside as long as 191.29 resistance holds, in case of recovery.

In the bigger picture, up trend from 123.94 (2020 low) is 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).