Daily Pivots: (S1) 137.61; (P) 138.08; (R1) 138.71; More…

Intraday bias in GBP/JPY remains neutral at this point. In case of another rise, we’d expect strong resistance from 139.88 key resistance to limit upside. On the downside, break of 136.61 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 137.66; (P) 138.39; (R1) 139.01; More…

Intraday bias in GBP/JPY turned neutral with current retreat. In case of another rise, we’d expect strong resistance from 139.88 key resistance to limit upside. On the downside, break of 136.61 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 138.02; (P) 138.47; (R1) 139.34; More…

Outlook in GBP/JPY remains unchanged. We’d expect strong resistance from 139.88 key resistance to limit upside. On the downside, break of 136.61 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 138.02; (P) 138.47; (R1) 139.34; More…

GBP/JPY’s rebound from 131.51 short term bottom is still in progress and intraday bias stays mildly on the upside. We’d expect strong resistance from 139.88 key resistance to limit upside. On the downside, break of 136.61 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

Daily Pivots: (S1) 136.51; (P) 137.41; (R1) 139.00; More…

Intraday bias in GBP/JPY remains mildly on the upside as rebound from 131.51 short term bottom is extending. Strong resistance should be seen at 139.88 key resistance to limit upside. On the downside, break of 135.66 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

GBP/JPY spiked lower to 131.51 last week but recovered since then. The strength of the rebound argues that a short term bottom is already in place. Initial bias remains mildly on the upside this week for further rise. On the downside, break of 135.66 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

In the longer term picture, rejection by 55 month EMA is seen as a bearish signal. And fall from 195.86 (2015 high) should still be in progress. Break of 122.26 should confirm this bearish case and send GBP/JPY through 116.83 low.

Daily Pivots: (S1) 132.88; (P) 135.09; (R1) 138.26; More…

Intraday bias in GBP/JPY is neutral for some consolidations. But upside should be limited by 138.04 resistance to bring fall resumption. Below 133.88 minor support will turn bias to the downside for 131.51 low first. Break will pave the way back to 122.36 (2016 low). Nevertheless, touching of 138.04 will confirm short term bottoming and bring lengthier consolidation first, before staging another fall.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.69 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds.

Daily Pivots: (S1) 136.44; (P) 138.18; (R1) 139.08; More…

GBP/JPY’s decline accelerated further to as low as 131.51 and broke 135.43 fibonacci level. Some consolidation would likely be seen after climax selling. But outlook will stay bearish as long as 138.04 minor resistance holds. Sustained break of 135.43 will pave the way back to 122.36 (2016 low). Nevertheless, touching of 138.04 will confirm short term bottoming and bring lengthier consolidation first, before staging another fall.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.69 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds.

Daily Pivots: (S1) 138.58; (P) 139.33; (R1) 140.59; More…

GBP/JPY’s fall accelerates to as low as 137.44 so far today. 139.29 key support is firmly taken out with no sign of bottoming yet. Intraday bias remains on the downside for 135.43 long term fibonacci level next. On the upside, break of 140.93 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

In the bigger picture, firm break of 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) confirms completion of up trend from 122.36 (2016 low) at 156.59. Outlook is now turned bearish for 61.8% retracement at 135.43 first. Sustained break will pave the way back to 122.36 low.

Daily Pivots: (S1) 138.58; (P) 139.33; (R1) 140.59; More…

GBP/JPY’s decline resumed by taking out 139.59 and intraday bias is back on the downside. Focus is now on 139.29/47 key support zone. Decisive break there will carry larger bearish implication. 135.43 long term fibonacci level will be next target. On the upside, though, break of 140.94 resistance will be the first sign on near term reversal. Intraday bias will be turned back to the upside for 143.93 resistance first.

In the bigger picture, focus is now on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Decisive break will confirm completion of up trend from 122.36 (2016 low). GBP/JPY should target 61.8% retracement at 135.43. Sustained break will pave the way back to 122.36 low. Nevertheless, strong rebound from current level, followed by 142.76 support turned resistance will retain medium term bullishness.

Daily Pivots: (S1) 139.76; (P) 140.32; (R1) 140.95; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 139.59 temporary low. Another rebound cannot be ruled out. But near term outlook will stay bearish as long as 143.93 resistance holds. On the downside, decisive break of 139.29/47 key support zone will carry larger bearish implications.

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) 139.96; (P) 140.41; (R1) 141.18; More…

A temporary low should be in place at 139.59 with the current recovery, ahead of 139.29/47 key support zone. Intraday bias in GBP/JPY is turned neutral for consolidation first. Stronger recovery could be seen through 4 hour 55 EMA (now at 141.46). But near term outlook will stay bearish as long as 143.93 resistance holds. On the downside, decisive break of 139.29/47 will carry larger bearish implications.

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) 138.78; (P) 139.87; (R1) 140.86; More…

GBP/JPY drops to as low as 139.59 so far and intraday bias remains on the downside for 139.29/47 key support zone. Decisive break there will carry larger bearish implication. On the upside, above 141.17 support turned resistance will turn intraday bias neutral first. But near term outlook will stay bearish as long as 143.93 resistance holds.

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.

GBP/JPY’s break of 141.17 support last week confirmed resumption of fall from 149.48. Intraday bias remains on the downside at this point. Current fall should target 139.29/47 key support zone. On the upside, break of 143.94 resistance is needed to indicate short term reversal. Otherwise, outlook will remain 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) 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.

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) 140.28; (P) 141.19; (R1) 141.80; More…

GBP/JPY’s break of 141.17 confirms resumption of fall from 149.48. Intraday bias is back on the downside. current fall should now target 139.29/47 key support zone. On the upside, break of 143.94 resistance is needed to indicate short term reversal. Otherwise, outlook will remain 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) 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) 141.46; (P) 142.00; (R1) 142.41; More…

GBP/JPY drops further today but stays in consolidation above 141.17 support. Intraday bias remains neutral first. In case of another recovery, upside should be limited by 144.02 support turned resistance to bring fall resumption. On the downside, below 141.17 will resume the fall from 149.70 and target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 144.73) and above.

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) 141.90; (P) 142.28; (R1) 142.63; More…

Intraday bias in GBP/JPY remains neutral at this point. Near term outlook remains bearish with 144.02 support turned resistance intact. On the downside, below 141.17 will resume the fall from 149.70 and target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 144.96) and above.

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) 141.91; (P) 142.58; (R1) 142.99; More…

GBP/JPY is staying in consolidation from 141.17 and intraday bias remains neutral for now. Near term outlook remains bearish with 144.02 support turned resistance intact. On the downside, below 141.17 will resume the fall from 149.70 and target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 144.96) and above.

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) 142.09; (P) 143.01; (R1) 143.63; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 141.17. But after all, near term outlook remain bearish with 144.02 support turned resistance holds. On the downside, below 141.17 will resume the fall from 149.70 and target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 145.08) and above.

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.

GBP/JPY dropped to as low as 141.17 last week but recovered since then. Initial bias stays neutral this week for consolidation. And near term outlook remain bearish with 144.02 support turned resistance holds. On the downside, below 141.17 will resume the fall from 149.70 and target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 145.16) and above.

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.

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).