GBP/JPY retreated deeply after failing to break through 193.51 resistance, but recovered after breaching 190.02 support. Initial bias remains neutral this week first. On the upside, break of 193.51 will resume larger up trend to 195.86 long term resistance. Nevertheless, decisive break of 190.02 will indicate that it’s at least correcting the rise from 178.32, and target 38.2% retracement of 178.32 to 193.51 at 187.70.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for 195.86 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.

In the longer term picture, rise from 122.75 (2016 low) is seen as the third leg of the pattern from 116.83 (2011 low). Further rally will remain in favor as long as 178.32 support holds. Break of 195.86 (2015 high) is possible. But strong resistance could be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 at 199.80 to limit upside, at least on first attempt.

Daily Pivots: (S1) 137.79; (P) 138.07; (R1) 138.33; More…

No change in GBP/JPY’s outlook and intraday bias remains neutral. On the upside, break of 140.31 will resume the rebound from 133.03 to retest 142.71 high. Nevertheless, sustained break of 137.83 resistance turned support will argue that the rebound has completed. Intraday bias will be turned back to the downside for 133.03/134.40 support zone.

In the bigger picture, rise from 123.94 is seen only 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) 150.56; (P) 151.19; (R1) 151.78; More…

Intraday bias in GBP/JPY stays on the upside for retesting 152.52 high. Break there will resume whole up trend from 123.94. Next target is 156.59 long term resistance. In case the consolidation extends with another fall, we’d continue to expect strong support from 148.09 cluster support ( 23.6% retracement of 133.03 to 152.52 at 147.92) to contain downside and bring rebound.

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) 188.48; (P) 189.36; (R1) 190.49; More…..

GBP/JPY recovered after dipping to 188.22 and intraday bias is turned neutral first. On the downside, below 188.22 will resume the decline from 191.29 to 38.2% retracement of 178.32 to 191.29 at 186.33. Sustained break there will raise the chance of larger reversal and target 61.8% retracement at 183.27. On the upside, though, firm break of 55 4H EMA (now at 189.96) will retain near term bullishness and bring retest of 191.29 high.

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).

GBP/JPY edged higher to 142.30 last week but quickly lost moment and turned sideway. Initial bias is neutral this week first. Further rise is expected as long as 140.31 support holds. Firm break of 142.23/71 resistance zone will resume whole rise from 123.94 to 147.95 key resistance next. On the downside, though, considering bearish divergence condition in 4 hour MACD, break of 140.31 will confirm short term topping at 142.34, and rejection by 142.71. Intraday will will be turned back to the downside for 139.96 support next.

In the bigger picture, rise from 123.94 is 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.

In the longer term picture, repeated rejection by 55 month EMA indicate long term bearishness in the cross. Down trend from 251.09 (2007 high) should eventually resume through 122.75 to 116.83 (2011 low) and below. However, sustained break of 55 month EMA (now at 143.73) will dampen this view and could open up further rise back to 195.86 (2015 high).

Daily Pivots: (S1) 165.07; (P) 165.70; (R1) 166.75; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Corrective pattern from 168.67 could still extend further. Below 162.98 minor support will target 160.37. Nevertheless, break of 166.23 will bring retest of 168.67 high instead. And, larger up trend might be ready to resume in this case.

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) 160.20; (P) 160.86; (R1) 161.24; More…

Intraday bias in GBP/JPY remains neutral with focus staying on 161.80 resistance. Decisive break there, and sustained trading above 55 day EMA (now at 160.99) will argue that whole decline from 172.11 has completed. Bias will be back on the upside for 169.26/172.11 resistance zone. On the downside, break of 155.33 low will resume the fall from 172.11 to 153.70 fibonacci level next.

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) 156.57; (P) 157.30; (R1) 158.22; More…

GBP/JPY’s break of 161.22 resistance suggests short term bottoming at 155.33. Intraday bias is back on the upside. Sustained trading above 55 day EMA (now at 162.39) will argue that whole correction from 172.11 has completed. Further rally should then be seen back to 169.26/172.11 resistance zone. Nevertheless, rejection by 55 day EMA will retain near term bearishness for another fall through 155.33 at a later stage.

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) 146.47; (P) 147.03; (R1) 147.56; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 149.70 is extended. Deeper pull back cannot be ruled out. After fall, outlook remains cautiously bullish as long as 145.67 resistance turned support holds. On the upside, above 149.70 will target 153.84/156.69 resistance zone next. However, break of 145.67 will suggest that the rebound from 139.88 has completed and turn near term outlook bearish again.

In the bigger picture, current development suggests that GBP/JPY has successfully defended 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). And, the rally from 122.36 (2016 low) is still intact. Such medium to long term rise would extend through 156.96 high. This will now be the preferred case as long as 145.67 near term support holds. However, break of 145.67 will turn focus back to 139.29/47 key support zone.

Daily Pivots: (S1) 190.21; (P) 190.46; (R1) 190.88; More…..

Further decline is expected in GBP/JPY with 191.65 minor resistance holds. Fall from 193.51 would target 187.94 structural support. On the upside, break of 191.65 minor resistance will turn bias back to the upside for retesting 193.51.

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) 141.58; (P) 142.02; (R1) 142.76; More…

GBP/JPY rises to as high as 143.09 so far and break of 142.71 resistance suggests resumption of whole rise from 123.94. Intraday bias remains on the upside for 61.8% projection of 123.94 to 142.71 from 133.03 at 144.62 first. Break will target 147.95 medium term structural resistance. On the downside, below 142.16 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

In the bigger picture, rise from 123.94 is 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) 200.14; (P) 200.49; (R1) 200.97; More…

GBP/JPY is extending the consolidations below 201.59 and intraday bias stays neutral. Further rally is expected as long as 197.18 support holds. However, considering bearish divergence condition in 4H MACD, firm break of 197.18 will confirm short term topping, and turn bias back to the downside for 191.34 support instead.

In the bigger picture, as long as 188.63 resistance turned support holds, long term up trend is expected to continue. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62.

GBP/JPY rose to as high as 149.48 last week but failed to take out 149.70 resistance and retreated sharply. As it stays above 146.28 minor support, initial bias is neutral this week and another rise is mildly in favor. On the upside, decisive break of 149.70 will resume whole rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 instead.

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.

In the longer term picture, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015 high) 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 (116.83 as 2011 low).

Daily Pivots: (S1) 180.98; (P) 181.58; (R1) 182.14; More…

GBP/JPY is still bounded in sideway trading and intraday bias remains neutral at this point. 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) 151.27; (P) 152.07; (R1) 152.59; More…

GBP/JPY’s break of 151.55 minor support suggests that rebound from 148.43 has completed at 153.42, after rejection by 153.46 resistance. Intraday bias is back on the downside. Deeper fall could be seen back to retest 148.43 support. On the upside, through, break of 153.42 will resume the rebound from 148.43 to retest 156.05 high.

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) 145.83; (P) 146.72; (R1) 147.28; More…

GBP/JPY’s fall from 149.30 is still in progress and intraday bias stays on the downside. As noted before, consolidation pattern from 143.18 could have completed at 149.30 already. Deeper fall would be seen back to 143.18/76 support zone. On the upside, above 147.65 minor resistance will turn bias back to the upside for 149.30/99 resistance zone instead.

In the bigger picture, no change in the view that decline from 156.59 is 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) 197.03; (P) 197.45; (R1) 198.10; More…

Intraday bias in GBP/JPY stays on the upside at this point. Rise from 191.34, as the second leg of the corrective pattern from 200.53, should target this high next. On the downside, firm break of 195.02 will argue that the third leg has started, and target 191.34 support and possibly below.

In the bigger picture, a medium term top could be in place at 200.53 after breaching 199.80 long term fibonacci level. As long as 55 W EMA (now at 183.41) holds, fall from there is seen as correcting the rise from 178.32 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 178.32 support.

Daily Pivots: (S1) 133.86; (P) 134.03; (R1) 134.37; More…

Intraday bias in GBP/JPY remains mildly on the upside for the moment. Further rise would be seen to 136.34 resistance first. Break there will confirm completion of pull back from 139.73 and bring retest of this high. On the downside, break of 131.95 support would resume the decline through 131.68 to 129.27 key support.

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) 139.21; (P) 140.86; (R1) 142.22; More….

GBP/JPY’s fall continues today and reaches as low as 139.08 so far. Intraday bias stays on the downside for 135.58 support. As it’s also close to 135.39 fibonacci level, we’d look for bottoming signal around there to bring rebound. However, break of 142.75 resistance is needed to indicate completion of fall from 148.09. Otherwise, near term outlook will say mildly bearish in case of recovery.

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) 139.52; (P) 139.89; (R1) 140.46; More…

GBP/JPY is staying in consolidation from 141.50 and intraday bias remains neutral first. In case of deeper retreat, downside should be contained above 135.74 resistance turned support to bring another rally. On the upside, break of 141.50 will resume the rise from 126.54 to for 148.87 key resistance.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is still in progress with rise from 126.54 as the third leg. Further rise should be seen back to 148.87/156.59 resistance zone. For now, we’d expect strong resistance from there to limit upside. And, this will remain the favored case as long as 130.42 support holds.