Daily Pivots: (S1) 162.57; (P) 163.84; (R1) 165.75; More…

GBP/JPY’s rally continues today and intraday bias stays on the upside. Firm break of 166.31 resistance will argue that larger up trend is ready to resume through 168.67 high. On the downside, below 163.91 minor support will turn intraday bias neutral first, and would probably extend the corrective pattern from 168.67 with more sideway trading.

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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 142.56; (P) 142.80; (R1) 143.18; More…

GBP/JPY is still staying in range of 140.62/144.84 and intraday bias remains neutral first. Rebound from 131.51 could still extend higher. But we’d expect strong resistance from trend line (now at 146.64) to limit upside, at least on first attempt. On the downside, firm break of 140.62 will suggest completion of the rebound and turn bias to the downside.

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.

GBP/JPY edged lower to 152.35 last week but formed a temporary bottom there on loss of momentum. Initial bias is neutral this week first. On the downside, break of 152.35 will resume the fall from 158.19 towards 148.93 key support next. On the upside, though, break of 154.63 minor resistance will turn bias back to the upside for retesting 158.19 high.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.

In the longer term picture, GBP/JPY could have set up a long term up trend already with break of 156.69 resistance, and the stay above 55 month EMA. Current rise from 122.75 could target a test on 195.86 (2015 high).

Daily Pivots: (S1) 152.94; (P) 153.16; (R1) 153.42; More…

Intraday bias in GBP/JPY stays mildly on the upside for the moment. Current rise from 123.94 should target 156.59 long term resistance next. On the downside, below 152.27 minor support will turn intraday bias neutral. But outlook will stay bullish as long as 148.50 support holds.

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) 161.76; (P) 162.44; (R1) 163.66; More…

Intraday bias in GBP/JPY remains neutral as range trading continues. The favored case is that correction from 172.11 has completed at 155.33 already. Above 163.73 will resume the rise from 155.33 to 169.26/172.11 resistance zone. However, break of 160.44 minor support will dampen this case and bring retest of 155.33 low instead.

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.

Daily Pivots: (S1) 137.07; (P) 137.72; (R1) 138.69; More…

A temporary low is formed at 136.71 in GBP/JPY and intraday bias is turned neutral for consolidations first. Risk will stay on the downside as long as 142.71 resistance holds. Break of 136.71 will target 38.2% retracement of 123.94 to 142.71 at 135.53. Reactions from there would decide whether whole rise from 123.94 has completed.

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) 150.94; (P) 151.29; (R1) 151.85; More…

GBP/JPY recovered ahead of 150.48 resistance turned support and intraday bias is turned neutral first. We’re holding on to the view that corrective rise from 144.97 should have completed at 153.84 already. Hence, another fall is expected in the cross. Break of 150.60 will target 148.37 support first. Break will bring retest of 144.97 low.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

Daily Pivots: (S1) 160.77; (P) 161.67; (R1) 162.95; More…

Intraday bias in GBP/JPY stays on the downside at this point. Firm break of 159.97 support 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, break of 165.26 minor resistance will turn bias back to the upside for retesting 168.67 high.

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) 140.70; (P) 141.58; (R1) 142.73; More…

Despite breaching 140.74 minor support briefly, GBP/JPY quickly rebounded . Intraday bias stays neutral for the moment first. On the upside, above 144.77 will extend the rise from 136.44 to 148.42 resistance next. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, however, below 140.43 minors support will turn bias to the downside to extend the pattern from 148.42 with another falling leg, possibly through 136.44.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern even. 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. Though, sustained break will extend the rebound towards 61.8% retracement at 167.78.

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Daily Pivots: (S1) 145.24; (P) 145.82; (R1) 146.40; More

Intraday bias in GBP/USD stays mildly on the downside as fall from 147.76 would extend to 55 day EMA (now at 143.48). Break there will target 135.58 key support level again. On the upside, though, decisive break of 148.09/42 will pave the way to long term fibonacci level at 150.43.

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.

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) 173.77; (P) 174.22; (R1) 174.71; More…

Intraday bias in GBP/JPY remains mildly on the upside for the moment. Current rally should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. On the downside, break of 172.50 support will turn bias neutral and bring consolidations first, before staging another rally.

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 165.99 resistance turned support holds, even in case of deep pull back.

GBP/JPY dropped to 130.64 last week but couldn’t sustain below 131.90 resistance and recovered. Initial bias is neutral this week first and outlook is a bit mixed. Though, another fall is in favor as long as 133.17 minor resistance holds. Below 130.64 will target a test on 123.94 low. Nevertheless, break of 130.64 will turn bias to the upside for 61.8% retracement of 144.95 to 123.94 at 136.92.

In the bigger picture, 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.

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) could be resuming. Break of 116.83 will target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next.

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) 158.96; (P) 159.58; (R1) 160.42; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, break of 155.57 will extend the correction towards 150.96 key structural support. Nevertheless, on the upside, firm break of 162.16 will indicate that the correction has completed, and bring retest of 168.40 high next.

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 150.95 support holds, even in case of deep pull back. However, firm break of 150.95 will indicate rejection by 167.93, and bearish trend reversal.

Daily Pivots: (S1) 139.81; (P) 140.28; (R1) 141.20; More…

Intraday bias in GBP/JPY remains on the upside at this point. Current rise from 136.54 should target a test on 148.87 key resistance. On the downside, break of 138.58 minor support will turn intraday bias neutral again and bring consolidations, before staging another rally.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is still in progress with rise from 126.54 as the third leg. Further rise should be seen back to 148.87/156.59 resistance zone. For now, we’d expect strong resistance from there to limit upside. And, this will remain the favored case as long as 130.42 support holds.

Daily Pivots: (S1) 138.69; (P) 139.12; (R1) 139.94; More…

Intraday bias in GBP/JPY remains neutral for consolidations in range of 136.78/140.70. On the downside, break of 136.78 will extend the pattern from 142.71 with a third leg. Deeper fall would be seen to 134.40 support next. On the upside, break of 140.70 will invalidate this view and extend the rebound from 133.03.

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.

Daily Pivots: (S1) 134.79; (P) 135.23; (R1) 135.75; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 133.85 temporary low continues. Outlook stays bearish with 136.05 resistance intact. On the downside, break of 133.85 will extend the decline from 148.87 to retest 131.51 low. Though, break of 136.05 will indicate short term bottoming and bring stronger rebound to 137.78 resistance.

In the bigger picture, 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) 155.07; (P) 155.83; (R1) 156.27; More…

Intraday bias in GBP/JPY is neutral for the moment. But after all, the cross is supported well by the rising 55 day EMA. And there is no sign of reversal yet. Near term outlook will remain bullish as long as 151.95 support holds. Break of 156.59 will extend recent rally to 100% projection of 139.29 to 152.82 from 146.96 at 160.49.

In the bigger picture, 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 there would be prospect of retesting 122.36 in that case.

GBP/JPY’s fall from 158.19 continued last week and hit as low as 148.97. Initial bias is on the downside this week with focus on 100% projection of 158.19 to 152.35 from 154.70 at 148.86, 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. In any case, outlook will stay bearish as long as 152.35 support turned 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.

In the longer term picture, as long as 55 month EMA (now at 146.38) holds, we’d still favor more up trend to 61.8% retracement of 195.86 to 122.75 at 167.93. But sustained trading below 55 month EMA will at least neutralize medium term bullishness and re-open the chance of revisiting 122.75 low (2016 low).