Daily Pivots: (S1) 150.50; (P) 150.88; (R1) 151.60; More…

Intraday bias in GBP/JPY remains neutral first, with focus on 141.95 resistance. Break there will indicate that correction from 153.39 has completed. Intraday bias will be turned back to the upside for retesting 153.39 high. In case of another fall, strong support should be seen at 148.50 to 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) 164.21; (P) 165.09; (R1) 165.64; More…

Intraday bias in GBP/JPY is turned neutral for the moment. Break of 163.54 minor support will argue that consolidation from 168.67 is extending with another falling leg. Intraday bias will be back on the downside for 160.37 support. On the upside, above 166.23 will resume the rebound to retest 168.67 high instead.

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) 143.84; (P) 144.59; (R1) 145.12; More

Intraday bias in GBP/JPY remains on the downside as fall from 147.76 is in progress. Sustained trading below 55 day EMA (now at 144.04) will target 138.65 support and below. But we’d expect strong support from 135.58 to contain downside and bring rebound. On the upside, above 146.27 minor resistance will turn bias back to the upside for 147.76 instead.

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.

GBP/JPY’s rise from 155.33 resumed to 165.99 last week but retreated again. Initial bias stays neutral this week first. Further rally is still expected as long as 161.18 support holds. As noted before, corrective fall from 172.11 should have completed at 155.33 already. Break of 165.99 will target 169.26 resistance first, and then 172.11 high.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 intact, 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.

In the longer term picture, as long as 55 month EMA (now at 153.17) holds, rise from 122.75 could still extend higher at a later stage to 195.86 (2015 high).

Daily Pivots: (S1) 140.71; (P) 141.27; (R1) 141.58; More…

Further rise is still expected in GBP/JPY at this point. Current rally from 126.54 should target trend line resistance (now at 143.71) next. Sustained break will pave the way to 148.87 key resistance next. On the downside, break of 139.31 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current rise from 126.54 is seen as the third leg of the consolidation pattern from 122.75 (2016 low). Further rally could be seen but for now, we’d expect strong resistance from 156.59 to limit upside. On the downside, sustained break of 135.74 resistance turned support will suggest that such rebound has completed. Deeper decline could the be seen to retest 126.54 low.

Daily Pivots: (S1) 191.45; (P) 192.15; (R1) 193.47; More..

GBP/JPY is still bounded in range below 193.51 and intraday bias remains neutral. Further rally is expected with 189.97 support intact. On the upside, firm break of 193.51 will resume larger up trend to 195.86 long term resistance. Nevertheless, decisive break of 189.97 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.

GBP/JPY dropped notably last week and initial bias stays on the downside this week. Deeper fall could be seen to 159.97 support. Firm break there will raise the chance of rejection by 167.93 long term fibonacci resistance. Deeper fall would be seen to 155.57 support for confirmation. On the upside, above 164.13 minor resistance will bring retest of 168.67 high instead.

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.

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 149.84) 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) 173.16; (P) 173.68; (R1) 174.39; More…

Intraday bias in GBP/JPY remains neutral for the moment. Further rally is expected as long as 171.26 support holds. Break of 174.25 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, break of 171.26 minor support will delay the bullish case, and turn bias to the downside for deeper retreat.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. For now, medium term outlook will remain bullish as long as 155.33 support holds, even in case of deep pull back.

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) 138.54; (P) 139.25; (R1) 139.70; More…

Intraday bias in GBP/JPY stays neutral and further rise is still in favor with 137.84 support intact. Rise from 123.94 has just resumed and break of 140.20 will target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, break of 137.84 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for pull back.

In the bigger picture, rise from 123.94 is still 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) 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.

GBP/JPY stayed in tight range below 152.38 last week and outlook is unchanged. Initial bias stays neutral this week first. On the upside, break of 152.38 will reaffirm that case that correction from 153.39 has already completed, and bring retest of this high next. However, break of 150.83 minor support will extend the corrective pattern with another fall to 149.03 support before completion.

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.

In the longer term picture, the strong break of 55 months EMA was an early sign of long term bullish reversal. Firm break of 156.69 resistance should now confirm the start of an up trend for 195.86 (2015 high).

Daily Pivots: (S1) 163.67; (P) 165.48; (R1) 168.63; More…

GBP/JPY’s rise from 148.93 resumed by breaking through 165.69 resistance. Intraday bias is back on the upside for 169.10 high. Decisive break there will confirm larger up trend resumption. For now, further rally will remain in favor as long as 159.71 support holds, in case of retreat.

In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.

Daily Pivots: (S1) 135.20; (P) 135.56; (R1) 135.94; More…

Intraday bias in GBP/JPY remains on the downside at this point. Recent fall from 148.87 has just resumed and further fall should be seen to 131.51 low next. On the upside, break of 137.78 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, current development suggests that GBP/JPY’s medium term fall from 156.59 (2018 high) is still in progress. Break of 131.51 will target 122.36 (2016 low). Structure of such decline is corrective looking so far, arguing that it’s just the second leg of consolidation from 122.36. Thus, we’d expect strong support from 122.36 to contain downside to bring reversal.

Daily Pivots: (S1) 142.87; (P) 143.14; (R1) 143.51; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 147.95 is extending. On the downside, break of 140.92 will target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 144.60 resistance will bring stronger rebound to retest 147.95 high.

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.

No change in GBP/JPY’s outlook. With 150.36 minor support intact, further rise is in favor. Above 152.07 will target 153.39 first. Break will resume medium term rally. On the downside, below 150.36 minor support will turn bias back to the downside and extend the correction from 153.39. But we’d look for strong support from 146.96 to bring rebound.

In the bigger picture, outlook is mixed up a bit with last week’s sharp decline. But still, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And the 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) 141.10; (P) 142.01; (R1) 142.50; More…

With 142.97 minor resistance intact, intraday bias in GBP/JPY stays on the downside for further fall. Current decline should target 139.29/47 key support zone. On the upside, above 142.97 minor resistance will turn bias neutral and bring consolidation first, before staging another decline.

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) could 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) 154.62; (P) 154.85; (R1) 155.15; More…

GBP/JPY is staying in consolidation from 156.05 and intraday bias remains neutral for the moment. Outlook will remain bullish as long as 153.81 support holds. Break of 156.05 will resume larger up trend for 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, firm break of 153.81 will indicate short term topping and turn bias back 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). Focus is now 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, break of 149.03 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) 143.31; (P) 143.84; (R1) 144.83; More…

Intraday bias in GBP/JPY remains on the upside at this point. Decisive break of 61.8% projection of 123.94 to 142.71 from 133.03 at 144.62 will target 147.95 medium term structural resistance. On the downside, however, break of 142.81 support would now indicate short term topping, and turn bias to the downside for deeper pull back.

In the bigger picture, rise of 123.94 is still as the third leg of the sideway pattern from 122.75 (2016 low). Break of 147.95 will target 156.59 resistance (2018 high). On the downside, break of 133.03 support is needed to confirm completion of the rise from 123.94. Otherwise, further rise will remain in favor even in case of pull back.

GBP/JPY retreated sharply after edging higher to 208.09 last week. Considering bearish divergence condition in 4H MACD, a short term top should be in place. Deeper pullback could be seen through 203.82 temporary low. But downside should be contained by 38.2% retracement of 191.34 to 208.09 at 201.69 to bring rebound, and set the range of consolidations. However, sustained break of 201.69 will argue that larger correction is already underway.

In the bigger picture, as long as 200.72 resistance turned support holds, the long term up trend should still be in progress. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62. However, firm break of 200.72 will suggest that it’s already in larger scale correction.

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). Next target is 138.2% projection of 116.83 to 195.86 from 122.75 at 231.96. Outlook will stay bullish as long as 178.32 support holds, or until a clear reversal pattern forms.