Daily Pivots: (S1) 132.87; (P) 133.42; (R1) 134.28; More…

Intraday bias in GBP/JPY remains neutral first. Corrective recovery from 123.94 might extend higher. But upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92. On the downside, break of 129.85 minor support will bring retest of 123.94 low first. However, sustained break of 136.92 will raise the chance of trend reversal and turn focus to 144.95 resistance.

In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

Daily Pivots: (S1) 142.46; (P) 142.71; (R1) 143.06; More…

GBP/JPY is staying in range of 140.83/144.36 and intraday bias remains neutral first. Correction from 147.95 could extend. But in case of another fall, downside should be contained by 139.31/77 (38.2% retracement of 126.54 to 147.95 at 139.77) to bring rebound. On the upside, above 144.36 will bring retest of 147.95 resistance. However, sustained break of 139.77 will pave the way to 61.8% retracement at 134.71.

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.

Daily Pivots: (S1) 146.23; (P) 146.93; (R1) 147.64; More…

GBP/JPY retreated sharply ahead of 148.10 resistance. But downside is contained well above 145.17 minor support. Intraday bias remains neutral first. On the downside, break of 145.17 will confirm completion of rebound from 143.76. Intraday bias will be turned back to the downside for retesting 143.17 low. Break will resume the fall from 156.59. Meanwhile, break of 1481.0 will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation.

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) 179.01; (P) 180.20; (R1) 181.19; More…

GBP/JPY’s fall from 186.75 resumed by breaking through 180.78. Intraday bias is back on the downside for 176.29 support next. For now, risk will stay on the downside as long as 183.00 resistance holds, in case of recovery.

In the bigger picture, fall from 186.75 is currently seen as a corrective move only. As long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper consolidations.

Daily Pivots: (S1) 163.58; (P) 164.21; (R1) 165.46; More…

GBP/JPY’s breach of 164.61 resistance indicates resumption of larger up trend. Intraday bias is back on the upside. Further rise should be seen to long term fibonacci level at 167.93 next. On the downside, below 162.72 minor support will turn intraday bias neutral again first. But overall outlook will stay bullish as long as 159.02 support holds.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93. Sustained break there will be a long term bullish signal. This will now remain the favored case as long as 150.95 support holds.

Daily Pivots: (S1) 140.00; (P) 140.51; (R1) 140.98; More

GBP/JPY’s fall continues today and reaches as low as 139.58 so far. Intraday bias remains on the downside for 138.65 support. Break there will extend the fall from 147.76 towards 135.58 key support level. At this point, price actions from 148.42 are seen as a sideway consolidation pattern. Hence, we’ll expect strong support from 135.58 to contain downside and bring rebound. On the upside, above 141.02 minor resistance will turn intraday bias neutral first.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. We’d expect strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Medium term rise from 122.36 is still expected to resume later. And break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. However, firm break of 135.58/39 will dampen the bullish view and turn focus back to 122.36 low.

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).

GBP/JPY dipped through 138.53 support last week to 137.75. But the cross quickly recovered since then. The development suggests that choppy decline from 144.77 is in progress and should head lower. But there is no change in the view that price actions from 148.42 are forming a consolidation pattern. And, larger rise from 122.36 would resume later.

Initial bias in GBP/JPY remains neutral this week first. Further fall is mildly in favor as long as 140.60 resistance holds. Below 137.75 will target 136.44 support and below. But we’d expect support from 50% retracement of 122.36 to 148.42 at 135.39 to contain downside and bring rebound. On the upside, break of 140.60 resistance will turn bias to the upside and send GBP/JPY through 144.77 resistance.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Or, sustained break of 50% retracement of 122.36 to 148.42 at 135.39 will turn outlook bearish for a test on 122.36 low. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement of 195.86 to 122.36 at 167.78.

In the longer term picture, while price actions from 122.36 would develop into a medium term correction, fall from 195.86 is still seen as resuming the down trend from 251.09 (2007 high). Hence, after the correction from 122.36 completes we’d expect another fall through 116.83 low.

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) 147.10; (P) 147.83; (R1) 148.33; More…

GBP/JPY’s rally continues to as high as 149.04 so far. Intraday bias remains on the upside for 149.30 resistance. Decisive break there will confirm that whole decline from 156.59 has completed at 139.88. Further rally should then seen back to 153.84/156.59 resistance zone. On the downside, below 147.17 minor support will turn intraday bias neutral first. But near term outlook will remain cautiously bullish as long as 145.67 resistance turned support holds.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, the decline from 156.69 is seen as corrective move. That is, rise from 122.36 (2016 low), is still expected to extend higher through 156.69. However, sustained break of 139.29/47 should confirm medium term reversal and turn outlook bearish.

Daily Pivots: (S1) 143.47; (P) 143.80; (R1) 144.38; More…

GBP/JPY’s recovery from 140.83 extends higher today but stays below 144.36 resistance. Intraday bias remains neutral first. Correction from 147.95 could extend. But in case of another fall, downside should be contained by 139.31/77 (38.2% retracement of 126.54 to 147.95 at 139.77) to bring rebound. On the upside, above 144.36 will bring retest of 147.95 resistance. However, sustained break of 139.77 will pave the way to 61.8% retracement at 134.71.

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.

Daily Pivots: (S1) 143.04; (P) 143.37; (R1) 143.61; More…

GBP/JPY drew strong support from 4 hour 55 EMA and rebounded. Break of 144.07 suggests rally resumption. Intraday bias is back 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, 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.

Daily Pivots: (S1) 136.74; (P) 137.08; (R1) 137.46; More…

Further rise is still in favor in GBP/JPY with 135.05 minor support intact. Rebound from 133.03 would target a test on 142.71 high. On the downside, though, break of 135.05 will likely resume the fall from 142.71 through 133.03 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) 156.81; (P) 158.88; (R1) 160.04; More…

Break of 158.49 minor support indicates that rebound from 155.33 has finished at 161.22, ahead of 162.32 resistance. Intraday bias is back on the downside. Whole decline from 172.11 is likely resuming and break of 155.33 will target 153.70 fibonacci level.

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 153.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 151.43; (P) 151.77; (R1) 152.28; More…

GBP/JPY’s break of 153.39 resistance confirms resumption of whole up trend from1 23.94. Intraday bias stays on the upside for 156.69 long term resistance first. Firm break there will carry larger bullish implications. Next target will be 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. Also, outlook will remain bullish as long as 151.24 support holds, in case of retreat.

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. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. 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) 140.18; (P) 141.20; (R1) 142.89; More…

GBP/JPY’s rebound from 131.51 turns out to be stronger than expected and reaches as high as 142.22 so far. Firm break of 139.88 resistance is taken as the first sign of larger reversal. Intraday bias is back on the upside for 143.93 resistance first. Sustained break will pave the way to 149.48 resistance next. On the downside, break of 137.35 support is now needed to confirm completion of the rebound. Otherwise, risk will stay on the upside in case of retreat.

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. No change in this view. Strong rebound from 131.51 argues that fall from 156.59 (2018 high) is just the second leg of the corrective pattern from 122.36. Break of 149.38 resistance will confirm the third leg has started to 159.69, and possibly above. Nevertheless, break of 131.51 will pave the way to retest 122.26 low.

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) 144.32; (P) 144.97; (R1) 145.36; More…

No change in GBP/JPY’s outlook as it’s staying in range of 143.72/148.87. Intraday bias remains neutral and more sideway trading could be seen. For now, further rise remains in favor as long as 143.72 support holds. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next. However, on the downside, sustained break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 191.81; (P) 192.33; (R1) 192.93; More…..

Intraday bias in GBP/JPY remains neutral at this point as consolidation from 193.51 could extend. But further rally is expected as long as 190.02 support holds. On the upside, break of 193.51 will resume larger up trend to 195.86 long term resistance. On the downside, though, break of 190.02 will turn bias to the downside for 187.94 support instead.

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 quite sharply to 145.25 last week but quickly recovered. Outlook is a bit mixed and initial bias is neutral this week first. On the upside break of 147.76 will resume rise from 138.65. And firm break of 148.42 key resistance will also resume the whole rally from 122.36 to long term fibonacci level at 150.43 and above. Meanwhile, on the downside, break of 145.25 will revive the case of rejection from 148.09/42 resistance zone. Intraday bias would then be turned back to the downside for 55 day EMA (now at 143.72) and below.

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.

In the longer term picture, it remains to be confirmed is whole down trend from 195.86 has completed at 122.36 already and there is no confirmation yet. But in any case, firm break of 38.2% retracement of 195.86 to 122.36 at 150.43 would pave the way to 61.8% retracement at 167.78. And with that, the 55 month EMA will be firmly taken out which suggests that price actions from 116.83 is indeed a sideway pattern that could last more than a decade.