Daily Pivots: (S1) 144.68; (P) 145.52; (R1) 146.04; More…

Intraday bias in GBP/JPY remains neutral with focus on 144.80 minor support. Further rise is still in favor with 144.80 intact. On the upside, break of 146.50 resistance will solidify that case that consolidation from 148.87 has completed. Further rise should be seen to retest 148.87/149.48 resistance zone next. On the downside, though, firm break of 144.80 minor support will turn focus back to 143.72 key support.

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.

GBP/JPY’s rebound from 139.29 extended last week but stayed below 143.18 resistance. Initial bias remains neutral this week will bearish outlook. Below 141.40 minor support will turn bias back to the downside first. Break of 139.29 will target 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. Meanwhile, break of 143.18 will indicate short term reversal and turn bias back to the upside.

In the bigger picture, the sideway pattern from 148.42 is still unfolding. In case of deeper fall, 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 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.

In the longer term picture, it remains to be confirmed if 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.

GBP/JPY’s dipped to 141.17 last week but turned sideway since then. Initial bias is neutral this week first. With 143.18 resistance and 55 day EMA intact, deeper fall is mildly in favor. Below 141.17 will turn bias to the downside for 139.29 first. Break there will extend fall from 147.76 to 135.58 key support. 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. Meanwhile, break of 143.18 will indicate short term reversal and turn bias back to the upside.

In the bigger picture, the sideway pattern from 148.42 is still unfolding. In case of deeper fall, 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 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.

In the longer term picture, it remains to be confirmed if 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.

GBP/JPY’s up trend resumed and edged higher to 190.05 last week, but then retreated. Initial bias remains neutral this week for more consolidations. Further rally is expected with 187.83 minor support intact. Break of 190.05 will target 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. However, break of 187.83 will turn bias to the downside for deeper correction back to 185.21 support instead.

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).

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). Further rally will remain in favor as long as 172.11 resistance turned support holds. Break of 195.86 (2015 high) is possible. But strong resistance could be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 at 199.80 to limit upside.

Daily Pivots: (S1) 151.30; (P) 151.61; (R1) 151.95; More…

With 150.36 minor support intact, intraday bias in GBP/JPY remains mildly on the upside for 153.39. 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.

GBP/JPY rose sharply to as high as 144.48 last week. The development should have confirmed our view that consolidation pattern from 148.42 has completed at 135.58, ahead of 135.39 medium term fibonacci level. Further rise should be seen through 148.42 ahead.

Initial bias in GBP/JPY remains on the upside this week. Break of 144.77 resistance will likely resume the whole rebound from 122.36 through 148.42 resistance. On the downside, break of 143.13 minor support will turn bias neutral and bring consolidation before staging another rally.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

In the longer term picture, based on the impulsive structure of the decline from 195.86 to 122.36, such fall should be completed yet. But we will now pay close attention to the structure of the rise from 122.36 to determine whether it’s a corrective move, or an impulsive move. That would decide whether a break of 116.83 low would be seen.

Daily Pivots: (S1) 143.51; (P) 144.18; (R1) 145.27; More…

Intraday bias in GBP/JPY remains on the upside as rise from 131.51 is in progress for trendline resistance at around 147.35. We’d expect strong resistance from there to limit upside at first attempt. On the downside, below 143.39 minor support will turn intraday bias neutral first and bring consolidations. But further rise will remain in favor as long as 139.43 resistance turned support holds.

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) 167.66; (P) 168.23; (R1) 168.82; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. On the upside, break of 169.07 resistance will argue that larger up trend is ready to resume through 172.11 high. However, break of 166.08 minor support will turn bias back to the downside to extend the corrective pattern from 172.11 with another fall.

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) 150.63; (P) 151.27; (R1) 151.84; More…

GBP/JPY’s fall from 158.19 is still in progress and intraday bias remains on the downside for 100% projection of 158.19 to 152.35 from 154.70 at 148.86 next, which is close to 148.93 key structural support. Decisive break there will carry larger bearish implication and target 161.8% projection at 145.25 next. For now, near term outlook will stay bearish as long as 154.70 resistance holds, in case of recovery.

In the bigger picture, the break of medium term channel support, and bearish divergence condition in week MACD are raising the chance of medium term topping at 158.19. Firm break of 148.93 support will argue that GBP/JPY is at least correcting the whole rise from 123.94 (2020 low). In this case, deeper fall would be seen to 38.2% retracement of 123.94 to 158.19 at 145.10. Nevertheless, strong rebound from 148.93 will retain medium term bullishness for another rise through 158.19 at a later stage.

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) 142.98; (P) 143.17; (R1) 143.54; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Correction from 147.95 is in favor to extend lower. Break of 140.83 will target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, break of 144.52 will turn bias to the upside 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.

Daily Pivots: (S1) 148.51; (P) 148.93; (R1) 149.26; More…

GBP/JPY’s corrective pattern from 152.82 is still in progress. Deeper fall could be seen through 146.92 support. But we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to contain downside and bring rebound. On the upside, break of 149.45 minor resistance will turn bias back to the upside for 151.92/152.82 resistance zone.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after corrective pull back from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 139.29 will indicate rejection from 150.43 key fibonacci level. And the three wave 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) 142.44; (P) 142.96; (R1) 143.76; More…

GBP/JPY is staying in consolidation pattern from 147.95 and intraday bias remains neutral first. 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.

Daily Pivots: (S1) 135.60; (P) 135.82; (R1) 136.16; More…

Intraday bias in GBP/JPY remains neutral at this point. Some consolidations could be seen above 135.17 temporary low first. Upside of recovery should be limited by 137.78 resistance to bring fall resumption. Break of 135.17 will resume the fall from 148.87 and target 131.51 low next.

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) 186.51; (P) 187.02; (R1) 187.42; More…

Intraday bias in GBP/JPY stays neutral for consolidation below 188.63. While deeper retreat cannot be ruled out, near term outlook will stay bullish as long as 184.44 support holds. On the upside, break of 188.63 will resume larger up trend.

In the bigger picture, as long as 184.44 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 184.44 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.

Daily Pivots: (S1) 151.06; (P) 151.59; (R1) 152.49; More…

GBP/JPY rises to as high as 152.23 so far and met 61.8% retracement of 156.59 to 144.97 at 152.15. Intraday bias remains on the upside for further rally. Nonetheless, for now, price actions from 144.97 are still seen as corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. On the downside, below 150.62 minor support will turn intraday bias neutral first. But break of 148.37 is needed to confirm completion of the rebound. Otherwise, near term outlook will remain cautiously bearish in case of retreat.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

Daily Pivots: (S1) 155.23; (P) 156.07; (R1) 156.65; More…

Intraday bias in GBP/JPY remains neutral first. Overall, further rise is still expected with 154.86 support intact. On the upside, decisive break of 158.19 high will resume larger up trend to 167.93 long term fibonacci level. On the downside, below 154.86 minor support will turn intraday bias back to the downside for deeper pull back.

In the bigger picture, strong rebound from 148.93 key structural support retains medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low), to 61.8% retracement of 195.86 to 122.75 at 167.93. 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, as a correction to up trend from 123.94 at least.

Daily Pivots: (S1) 179.99; (P) 180.59; (R1) 181.20; More…

GBP/JPY’s rebound from 178.32 accelerates higher today and focus is back on 184.43 resistance. Firm break there will argue that pull back from 188.63 has completed and bring retest of this high. Nevertheless, rejection by 184.43, followed by break of 178.32, will resume the whole fall from 188.63 to 38.2% retracement of 148.93 to 188.63 at 173.46.

In the bigger picture, price actions from 188.63 medium term top are currently seen as a correction to the up trend from 148.93 (2022 low) only. As long as 172.11 resistance turned support holds, larger up trend from 123.94 (2020 low) is still in favor to resume through 188.63 at a later stage.

Daily Pivots: (S1) 137.72; (P) 138.30; (R1) 138.80; More…

Intraday bias in GBP/JPY remains neutral at this point. Further rise is in favor as long as 136.62 resistance turned support holds. On the upside, firm break of 139.73 will resume the whole rise from 123.94 and target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. Nevertheless, break of 136.62 will turn intraday bias back to the downside to extend the consolidation pattern from 139.73.

In the bigger picture, rise from 123.94 is currently 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) 149.91; (P) 150.57; (R1) 151.25; More…

GBP/JPY’s rise from 144.97 gathers further upside momentum as seen in 4 hour MACD. And it reaches as high as 151.45 so far. With 150.92 resistance taken out, intraday bias is on the upside for 61.8% retracement of 156.59 to 144.97 at 152.15 and above. For now, price actions from 144.97 are still seen as corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. However, break of 148.37 is now needed to confirm completion of the rebound. Otherwise, near term outlook will remain cautiously bearish in case of retreat.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.