GBP/JPY’s strong break of 184.15 resistance last week indicates that corrective fall from 188.63 has completed at 178.32. But as a temporary top was formed at 186.14, initial bias is neutral this week first. Further rally is in favor as long as 182.73 minor support holds. Break of 186.14 will target 188.63 high next.

In the bigger picture, price actions from 188.63 medium term top are 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.

In the longer term picture, rise from 122.75 (2016 low) in still in progress despite loss of upside momentum as seen in W MACD. Further rise will remain in favor, as long as 172.11 support holds, to retest 195.86 (2015 high).

Daily Pivots: (S1) 199.85; (P) 200.14; (R1) 200.67; More…

Intraday bias in GBP/JPY remains on the upside for 100% projection of 191.34 to 180.07 from 195.02 at 200.75. Strong resistance could be seen there to limit upside. But upside should be limited there. On the downside, below 198.25 minor support will turn intraday bias back to the downside for 197.07 resistance turned support first.

In the bigger picture, a medium term top could be in place at 200.53 after breaching 199.80 long term fibonacci level. As long as 55 W EMA (now at 183.92) holds, price actions from there is seen as correcting the rise from 178.32 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 178.32 support.

Daily Pivots: (S1) 149.71; (P) 150.23; (R1) 151.07; More…

Intraday bias in GBP/JPY remains neutral for the moment. Further decline is expected as long as 151.38 resistance holds. Decisive break there will carry larger bearish implication and target 143.78 fibonacci level next. On the upside, above 151.38 minor resistance will turn bias back to the upside for 153.42 resistance instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 145.20; (P) 145.81; (R1) 146.83; More….

Intraday bias in GBP/JPY remains on the upside for the moment. Correction from 148.42 should have completed at 135.58. And whole rally from 122.36 is likely resuming. Break of 148.42 will target 150.42 fibonacci level.. Further break there will target 100% projection of 122.36 to 148.42 from 135.58 at 161.64. On the downside, below 144.79 minor support will turn bias neutral and bring consolidation before staging another rise.

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.

Daily Pivots: (S1) 162.95; (P) 163.74; (R1) 164.60; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 165.99. Further rally is still expected as long as 161.18 support holds. As noted before, corrective fall from 172.11 should have completed at 155.33 already. Break of 165.99 will target 169.26 resistance first, and then 172.11 high.

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.

GBP/JPY edged higher to 185.94 last week but turned sideway since then. Initial bias remains neutral this week and more consolidations could be seen. But in case of another dip, downside should be contained above 182.71 support to bring another rally. Break of 185.94 will resume the rebound from 178.02 to retest 186.75 high next.

In the bigger picture, 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.

In the longer term picture, rise from 122.75 (2016 low) in still in progress but started losing upside momentum as seen in W MACD. Further rise will remain in favor, though, as long as 176.29 support holds, to retest 195.86 (2015 high).

Daily Pivots: (S1) 145.23; (P) 145.78; (R1) 146.30; More

Intraday bias in GBP/JPY remains neutral as it’s bounded in range of 145.5/147.76. 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 144.06) 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.

Daily Pivots: (S1) 161.32; (P) 161.53; (R1) 161.88; More…

Intraday bias in GBP/JPY stays neutral and outlook is unchanged. On the upside, decisive break of 161.80 resistance will argue that whole correction from 172.11 has completed at 155.33. Further rally should be seen back to 169.26/172.11 resistance zone. On the downside, break of 155.33 low will resume the fall from 172.11 to 153.70 fibonacci level next.

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

Daily Pivots: (S1) 151.47; (P) 151.82; (R1) 152.21; More…

GBP/JPY is staying in tight range below 152.27 temporary top and intraday bias remains neutral first. On the upside, break of 152.27 will resume the rise from 149.16 to 153.42 resistance first. Decisive break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, break of 151.32 minor support will turn bias back to the downside for 149.16 support instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Range trading continued in GBP/JPY last week and outlook is unchanged. Initial bias remains neutral this week first. Consolidation from pattern from 168.67 could extend further. On the upside, above 163.97 will turn bias to the upside, and resume the rebound to 166.31 resistance. Break there will be the first sign of up trend resumption. On the downside, break of 159.42 will extend the correction towards 155.57 support.

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.

In the longer term picture, rise from 122.75 could be the third leg the the pattern from 116.83 (2011 low). Further rise will remain in favor as long as 55 month EMA (now at 149.84) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the way to 195.86 (2015 high).

Daily Pivots: (S1) 165.86; (P) 166.44; (R1) 167.23; More…

Range trading continues in GBP/JPY and intraday bias stays neutral first. Further rally is expected as long as 165.38 support holds. On the upside, break of 167.95 will resume the rebound from 155.33 to 169.26 resistance. However, firm break of 165.38 will argue that the corrective pattern from 172.11 is starting another falling leg. Intraday bias will be back on the downside for 162.75 support and below.

In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, 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) 199.92; (P) 200.38; (R1)200.70; More…

Intraday bias in GBP/JPY is turned neutral first with current retreat. Break of 199.00 support will suggest short term topping, on bearish divergence condition in 4H MACD. Rise from 191.34, as the second leg of the corrective pattern from 200.53, might have completed too. Deeper fall should then be seen to 197.07 resistance turned support next.

In the bigger picture, a medium term top could be in place at 200.53 after breaching 199.80 long term fibonacci level. As long as 55 W EMA (now at 185.01) holds, price actions from there is seen as correcting the rise from 178.32 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 178.32 support.

Daily Pivots: (S1) 131.48; (P) 132.25; (R1) 132.85; More…

GBP/JPY’s rebound lost momentum after hitting 133.03 and intraday bias is turned neutral first. Correction from 135.74 is possibly completed and from 123.94 might be resuming. Above 133.04 will target 135.74 resistance next. On the downside, though, break of 130.67 support will turn intraday bias to the downside for 61.8% retracement of 123.94 to 135.74 at 128.44.

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.

Daily Pivots: (S1) 128.62; (P) 129.35; (R1) 130.21; More…

GBP/JPY is staying in consolidation from 126.54 and intraday bias remains neutral for the moment. On the upside, break of 130.69 will extend the recovery. But upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07 to bring down trend resumption. On the downside, break of 126.54 will resume larger down trend to 122.61 support next.

In the bigger picture, outlook remains clearly bearish with GBP/JPY staying well below 55 week and 55 month EMA. Medium term fall from 156.59 (2018 high) is still in progress. Next target is 122.36 (2016 low). We’d be cautious on bottoming there. But break of 135.66 resistance is needed to be the first sign of reversal. Sustained break of 122.36 will target next key level at 116.83 (2011 low).

Daily Pivots: (S1) 140.84; (P) 141.28; (R1) 141.63; More…

GBP/JPY’s rally resumed after brief consolidation and hits as high as 142.79 so far. Intraday bias is back on the upside. Current rise from 126.54 should target trend line resistance (now at 143.52) next. Sustained break will pave the way to 148.87 key resistance next. On the downside, break of 140.83 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 139.31 support holds, in case of retreat.

In the bigger picture, current rise from 126.54 is seen as the third leg of the consolidation pattern from 122.75 (2016 low). Further rally could be seen but for now, we’d expect strong resistance from 156.59 to limit upside. On the downside, sustained break of 135.74 resistance turned support will suggest that such rebound has completed. Deeper decline could the be seen to retest 126.54 low.

Daily Pivots: (S1) 143.15; (P) 143.47; (R1) 143.80; More…

Intraday bias in GBP/JPY is turned neutral with a temporary top formed at 144.07. Further rise is expected with 142.16 support intact. Break of 144.07 will resume larger up trend to 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, below 142.16 minor support will turn intraday bias to the downside for pull back towards channel support (now at 138.99).

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) 138.28; (P) 139.54; (R1) 140.42; More….

GBP/JPY recovers mildly after hitting 138.65 but stays well below 142.75 resistance. Intraday bias remains on the downside for 135.58 support. As this level is close to 135.39 fibonacci level, we’d look for bottoming signal around there to bring rebound. However, break of 142.75 resistance is needed to indicate completion of fall from 148.09. Otherwise, near term outlook will say mildly bearish in case of recovery.

In the bigger picture, while the fall from 148.09 is deeper than expected, we’re not bearish in the cross yet. Price action from 148.42 is possibly developing into a sideway pattern with fall from 148.09 as the third leg. Deeper decline could be seen but we’re looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Rise from 122.36 is still mildly in favor to resume at a later stage. However, sustained break of 135.58/39 will confirm reversal and target a retest on 122.36 low.

Daily Pivots: (S1) 180.28; (P) 181.07; (R1) 181.76; More…

Intraday bias in GBP/JPY stays neutral first. On the downside, break of 179.45 will resume the correction from 183.90 to 55 D EMA (now at 177.27). On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue. On resumption, next target is 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36, and then 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

Daily Pivots: (S1) 165.28; (P) 165.98; (R1) 166.42; More…

Intraday bias in GBP/JPY stays mildly on the downside for retesting 163.02 support. Break there will resume whole decline from 172.11 to 159.71 support next. For now, risk will stay on the downside as long as 168.99 resistance holds.

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) 129.19; (P) 129.79; (R1) 130.57; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 126.54 might extend. On the upside, break of 130.69 will extend the recovery. But upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07 to bring down trend resumption. On the downside, break of 126.54 will resume larger down trend to 122.61 support next.

In the bigger picture, outlook remains clearly bearish with GBP/JPY staying well below 55 week and 55 month EMA. Medium term fall from 156.59 (2018 high) is still in progress. Next target is 122.36 (2016 low). We’d be cautious on bottoming there. But break of 135.66 resistance is needed to be the first sign of reversal. Sustained break of 122.36 will target next key level at 116.83 (2011 low).