Daily Pivots: (S1) 137.24; (P) 137.51; (R1) 137.82; More…

Intraday bias in GBP/JPY remains neutral and more consolidation could be seen above 136.55 short term bottom. Upside of recovery should be limited by 38.2% retracement of 146.50 to 136.55 at 140.35 to bring fall resumption. On the downside, break of 136.55 will turn bias to the downside and extend the fall from 148.87 to 131.51 low.

In the bigger picture, current development suggests that GBP/JPY 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) 136.77; (P) 137.12; (R1) 137.70; More…

With current recovery and bullish convergence condition in 4 hour MACD, a short term bottom should be formed at 136.55. Intraday bias in GBP/JPY is turned neutral for some consolidations first. Stronger recovery could be seen but upside should be limited by 38.2% retracement of 146.50 to 136.55 at 140.35 to limit upside to bring fall resumption. On the downside, break of 136.55 will turn bias to the downside and extend the fall from 148.87 to 131.51 low.

In the bigger picture, current development suggests that GBP/JPY 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) 136.60; (P) 136.87; (R1) 137.11; More…

No change in GBP/JPY’s outlook and intraday bias remains on the downside. Current fall from 148.87 is in progress for retesting 131.51 low. On the upside, break of 137.87 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY 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) 136.18; (P) 137.22; (R1) 137.81; More…

Intraday bias in GBP/JPY remains on the downside at this point. Current fall from 148.87 is in progress for retesting 131.51 low. On the upside, break of 138.73 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY 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.

GBP/JPY’s fall reaccelerated to as low as 136.63 last week and initial bias stays on the downside this week. Now that 61.8% retracement of 131.51 to 148.87 at 138.14 is firmly taken out, next target will be 131.51 low. On the upside, break of 138.73 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY 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.

In the longer term picture, firstly, GBP/JPY’s is kept well below 55 week EMA, keeping outlook bearish. But we’re treating price actions from 122.36 as a corrective pattern. Hence, we’d expect range trading to continue longer. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. However, break of 122.26 will put 116.83 (2011 low) back into focus.

Daily Pivots: (S1) 137.94; (P) 138.34; (R1) 138.63; More…

GBP/JPY’s fall extends to as low as 137.21 so far. Current decline from 148.87 should now target to retest 131.51 low. On the upside, break of 138.73 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 137.97; (P) 138.28; (R1) 138.69; More…

With 139.64 resistance intact, further decline is expected in GBP/JPY. Sustained break of 61.8% retracement of 131.51 to 148.87 at 138.14 will pave the way to retest 131.51 low. Though, considering loss of downside momentum as seen in 4 hour MACD, break of 139.64 resistance will indicate short term bottoming. In such case, stronger rebound and lengthier consolidation would be seen first, before more decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 138.09; (P) 138.56; (R1) 138.83; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.87 is still in progress. Sustained break of 61.8% retracement of 131.51 to 148.87 at 138.14 will pave the way to retest 131.51 low. Though, considering loss of downside momentum as seen in 4 hour MACD, break of 139.64 resistance will indicate short term bottoming. In such case, stronger rebound and lengthier consolidation would be seen first, before more decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 138.50; (P) 139.08; (R1) 139.46; More…

GBP/JPY is losing downside momentum ahead of 61.8% retracement of 131.51 to 148.87 at 138.14. But recovery is so far weak. And, with 141.73 resistance intact, further decline is expected. On the downside, sustained break of 138.14 will extend the fall from 148.87 top retest 131.51 low.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 138.47; (P) 138.99; (R1) 139.46; More…

There is no clear sign of bottoming in GBP/JPY yet and further decline is expected. Sustained break of 61.8% retracement of 131.51 to 148.87 at 138.14 will pave the way to retest 131.51 low. On the upside, break of 141.73 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish incase of recovery.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

GBP/JPY dropped to as low as 138.50 last week as the decline from 148.87 extended. Downside momentum diminished mildly but there is no clear sign of bottoming yet. Further decline is expected initial this week to 61.8% retracement of 131.51 to 148.87 at 138.14. Sustained break there will pave the way to retest 131.51 low. On the upside, break of 141.73 minor 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 was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

Daily Pivots: (S1) 138.25; (P) 139.00; (R1) 139.46; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.87 is in progress for 61.8% retracement of 131.51 to 148.87 at 138.14. Sustained break there will pave the way to retest 131.51 low. On the upside, break of 141.73 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish incase of recovery.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 139.12; (P) 139.91; (R1) 140.51; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Current fall from 148.87 should target 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 141.73 resistance would indicate short term bottoming, possibly on bullish convergence condition in 4 hour MACD. Stronger rebound would then be seen.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 139.45; (P) 140.59; (R1) 141.52; More…

GBP/JPY’s fall resumed by breaking 139.54 temporary low to as low as 139.31 so far. Intraday bias is back on the downside. Current fall from 148.87 should target 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 141.73 resistance would indicate short term bottoming, possibly on bullish convergence condition in 4 hour MACD. Stronger rebound would then be seen.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 139.45; (P) 140.59; (R1) 141.52; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 139.54 temporary low. In case of another recovery, upside should be limited well below 143.72 support turned resistance to bring fall resumption. On the downside, break of 139.54 will resume the decline from 148.87 to 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 139.61; (P) 140.12; (R1) 140.54; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 139.54 temporary low. In case of another recovery, upside should be limited well below 143.72 support turned resistance to bring fall resumption. On the downside, break of 139.54 will resume the decline from 148.87 to 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 139.47; (P) 140.07; (R1) 140.60; More…

A temporary low is in place at 139.54 with today’s recovery. Intraday bias is turned neutral first. Upside of recovery should be limited well below 143.72 support turned resistance to bring fall resumption. On the downside, break of 139.54 will resume the decline from 148.87 to retest 131.51 low.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

GBP/JPY’s decline from 148.87 accelerated to as low as 139.54 last week. Initial bias stays on the downside this week for61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 140.79 minor resistance will turn intraday bias again and bring consolidations, before staging another decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

Daily Pivots: (S1) 140.24; (P) 140.53; (R1) 140.85; More…

GBP/JPY’s fall is in progress and intraday bias stays on the downside. Current decline should target 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 141.64 minor resistance will turn intraday bias again and bring consolidations, before staging another decline

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 140.07; (P) 140.86; (R1) 141.51; More…

Intraday bias in GBP/JPY remains on the downside at this point. Current decline from 148.87 is in progress for 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 141.64 minor resistance will turn intraday bias again and bring consolidations, before staging another decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.