Daily Pivots: (S1) 187.37; (P) 187.80; (R1) 188.41; More…

A temporary top is in place at 188.26 in GBP/JPY and intraday bias is turned neutral for consolidations. Downside should be contained by 55 4H EMA (now at 185.86) to bring rebound. Break of 188.26 will resume larger up trend to 161.8% projection of 178.02 to 183.79 from 180.74 at 190.07.

In the bigger picture, as long as 178.02 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). For now, outlook will stay bullish as long as 183.79 resistance turned support holds, in case of deep pullback.

Daily Pivots: (S1) 134.62; (P) 135.28; (R1) 135.92; More…

Intraday bias in GBP/JPY remains neutral at this point. As long as 137.83 resistance holds, further decline is in favor. Below 134.40 will target 133.03 support first. Break there will resume larger fall from 142.71 to 61.8% retracement of 123.94 to 142.71 at 131.11.

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) 139.41; (P) 140.06; (R1) 140.63; More…

GBP/JPY’s break of 138.23 support argues that corrective rise from 133.03 has completed, on bearish divergence condition in 4 hour MACD. The pattern from 142.71 might be starting another falling leg. Intraday bias is back on the downside for 137.19 support first. Firm break there will add more credence to this bearish case and target 133.03/134.40 support zone. This will remain the favored case as long as 140.70 resistance holds, in case of recovery.

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) 166.21; (P) 166.76; (R1) 167.40; More…

Intraday bias in GBP/JPY stays mildly on the upside for the moment. Correction from 172.11 might have completed at 163.20, after hitting 38.2% retracement of 148.93 to 172.11 at 163.25. Further rise would be seen to retest 172.11 high. On the downside, however, sustained trading below 38.2% retracement of 148.93 to 172.11 at 163.25 will bring deeper decline to 61.8% retracement at 157.78 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 123.94 (2020 low) could still resume through 172.11 high at a later stage. However, firm break of 159.71 support will argue that it’s already in correction to the up trend from 123.94, and deeper decline would be seen back towards 148.93 support.

Daily Pivots: (S1) 145.70; (P) 146.65; (R1) 147.23; More…

GBP/JPY’s break of 145.67 resistance turned support now suggests that whole rise from 139.88 has completed at 149.70 already. Intraday bias is now on the downside for 142.59 support first. Break will target 139.88 low next. On the upside, break of 147.57 resistance is needed to indicate completion of fall from 149.70. Otherwise, near term outlook will now stay mildly 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.

Daily Pivots: (S1) 137.51; (P) 138.51; (R1) 140.06; More…

Range trading continues in GBP/JPY and intraday bias remains neutral for the moment. On the upside, firm break of 140.70 will resume the choppy rebound from 133.03 for retesting 141.71 high. On the downside, though, break of 136.78 will turn bias to the downside for 134.40 support first.

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) 179.74; (P) 180.23; (R1) 180.71; More…

Range trading continues in GBP/JPY above 179.45 and intraday bias remains neutral first. On the downside, break of 179.45 will resume the correction from 183.90 to 55 D EMA (now at 177.39). On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue. On resumption, next target is 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36, and then 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

Daily Pivots: (S1) 187.14; (P) 187.67; (R1) 188.17; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 188.90 is still extending. with 186.14 resistance turned support intact, further rally is expected. On the upside, break of 188.90, and sustained trading above 188.63 will confirm up trend resumption. Next target is 38.2% projection of 155.33 to 188.63 from 178.32 at 191.04. However, break of 186.14 will turn bias to the downside for deeper pullback.

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) 145.83; (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) 150.57; (P) 151.35; (R1) 151.81; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, above 152.38 will reaffirm the case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 149.03 will bring deeper fall to extend the correction from 153.39.

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) 128.85; (P) 129.26; (R1) 129.63; More…

Intraday bias in GBP/JPY remains neutral for the moment. Consolidation from 126.54 might extend further. But outlook remains bearish with 130.06 minor resistance intact. On the downside, 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 133.28).

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) 149.14; (P) 150.18; (R1) 150.72; More…

Intraday bias in GBP/JPY remains on the downside for retesting 148.43 support. Decisive break there will carry larger bearish implication and target 143.78 fibonacci level next. On the upside, above 151.38 minor resistance will turn bias back to the upside for 153.42 resistance 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) 150.59; (P) 150.95; (R1) 151.62; More…

GBP/JPY’s rebound from 148.94 accelerated higher today. Break of 152.35 resistance turned support argues that correction from 158.19 has completed with three waves down to 148.94, after defending 148.93 key structural support. Intraday bias is back on the upside for 154.70 resistance. Firm break there should confirm this bullish case and target 158.19 high. On the downside, below 150.98 minor support will mix up the outlook and turn intraday bias neutral first.

In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low). Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower.

Daily Pivots: (S1) 163.52; (P) 164.62; (R1) 165.54; More…

Intraday bias in GBP/JPY stays neutrla for the moment. Strong rebound from current level, followed by break of 166.06 minor support will turn bias back to the upside for retesting 172.11 high. However, sustained trading below 38.2% retracement of 148.93 to 172.11 at 163.25 will bring deeper decline to 61.8% retracement at 157.78 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 123.94 (2020 low) could still resume through 172.11 high at a later stage. However, firm break of 159.71 support will argue that it’s already in correction to the up trend from 123.94, and deeper decline would be seen back towards 148.93 support.

GBP/JPY stayed in consolidation pattern from 168.40 last week and started another falling leg. Initial bias is mildly on the downside this week for 159.42 support. But downside should be contained there to bring rebound. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support next.

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.

In the longer term picture, rise from 122.75 could be the third leg the the pattern from 116.83 (2011 low). Further rise will remain in favor as long as 55 month EMA (now at 150.68) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the way to 195.86 (2015 high).

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) 139.60; (P) 139.88; (R1) 140.23; More.,.

Intraday bias in GBP/JPY remains neutral for consolidation below 141.28 temporary top. But another rise is in favor with 139.44 minor support intact. On the upside, break of 141.28 will extend the choppy rise from 133.03 to retest 141.71 high. However, below 139.44 minor support will be the first sign of short term topping. Intraday bias will be turned to the downside for 136.96 support instead.

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) 157.31; (P) 157.77; (R1) 158.51; More…

Intraday bias in GBP/JPY is turned neutral with a temporary top in place at 158.19. But consolidations should be relatively brief as long as 156.58 minor support holds. Break of 158.19 will resume larger up trend to 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72 next. However, break of 156.58 will turn bias to the downside for deeper pull back.

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 deeper pull back.

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.

Daily Pivots: (S1) 160.57 (P) 161.82; (R1) 163.58; More…

GBP/JPY recovered notably after dipping to 160.02 and intraday bias is turned neutral first. Outlook is unchanged that fall from 165.99 is probably developing into another falling leg of the corrective pattern from 172.11. Risk will stay on the downside as long as 165.99 resistance holds. Below 160.02 will target 156.70 support first, and then 155.33 low.

In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.