Daily Pivots: (S1) 156.46; (P) 158.04; (R1) 158.90; More…

Outlook in GBP/JPY remains unchanged and intraday bias stays neutral. On the downside, break of 155.33 low will resume the fall form 172.11 to 153.70 fibonacci level next. On the upside, sustained trading above 55 day EMA (now at 161.70) will turn bias to the upside, for stronger rise back to 169.26/172.11 resistance zone.

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) 153.99; (P) 154.48; (R1) 154.85; More…

Intraday bias in GBP/JPY remains neutral for the moment. Outlook is unchanged that fall from 157.74 should be the third leg of the corrective pattern from 158.19. Deeper decline is expected as long as 155.38 minor resistance holds. Below 152.88 will target 148.94 support next. On the upside, above 155.38 minor resistance will flip bias back to the upside for 157.74/158.19 resistance zone instead.

In the bigger picture, price actions from 158.19 are currently seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

Daily Pivots: (S1) 142.28; (P) 142.72; (R1) 143.07; More…

GBP/JPY is staying in consolidation below 143.25 temporary top and intraday bias remains neutral. In case of deeper retreat, downside should be contained well above 139.31 support to bring rise resumption. On the upside, break of 143.25 will resume the rally from 126.54. Sustained break of trend line resistance (now at 143.51) will pave the way to 148.87 key resistance next.

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) 159.30; (P) 160.10; (R1) 160.74; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 164.61 is extending. Outlook stays bullish with 158.04 resistance turned support intact, and further rally is expected. On the upside, break of 164.61 will resume larger up trend to long term fibonacci level at 167.93. However, firm break of 158.19 will turn bias to the downside and bring deeper pull back.

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) 143.25; (P) 144.32; (R1) 145.15; More…

Intraday bias in GBP/JPY is mildly on the upside for 148.42 resistance. Pull back from there could have completed at 142.16 already. Break of 148.42 will resume the larger rise from 122.36. Still, such rally is seen as a corrective move. Hence, we’d expect strong resistance from 150.43 long term fibonacci level to limit upside. Break of 142.16 should confirm short term topping and bring decline to 55 day EMA (now at 140.33) and below.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 145.37; (P) 145.94; (R1) 146.35; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, decisive break of 143.72 support 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. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next.

In the bigger picture, focus is now staying on 149.98 key resistance. Decisive break there should confirm that 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 up trend resumed last week and reached as high as 154.56. As a temporary top was formed there, initial bias is neutral this week first. Outlook will stay bullish as long as 150.18 support holds. Above 154.56 will extend the medium term up trend to 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Break will target 100% projection 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.

In the longer term picture, down trend from 195.86 (2015 high) has already completed at 122.36. Focus is now on 55 month EMA (now at 154.75). Firm break there will suggest that rise from 122.36 is developing into a long term move that target 195.86 again. And, price actions from 116.83 (2011 low) is indeed a sideway pattern that could last more than a decade.

Daily Pivots: (S1) 142.24; (P) 143.44; (R1) 144.40; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 142.16 support should confirm short term topping and bring decline to 55 day EMA (now at 140.54) and below. Break of 148.42 will extend the larger rise from 122.36, Still, such rally is seen as a corrective move. Hence, we’d expect strong resistance from 150.43 long term fibonacci level to limit upside.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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GBP/JPY dipped to 138.53 last week but recovered since then. Initial bias is mildly on the upside this week for 144.77 resistance. Overall, price actions for 148.42 are seen as developing into a corrective pattern. Above 144.77 will target 148.42 high. On the downside, below 139.79 minor support will turn bias back to the downside and extend the fall fro 144.77 through 138.53.

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 with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement 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.

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Daily Pivots: (S1) 182.46; (P) 182.94; (R1) 183.83; More…

Intraday bias in GBP/JPY remains neutral and further rise is expected with 181.00 support intact. The favored case is still that correction from 186.75 has completed at 178.02. Above 183.79 will resume the rise from 178.02 to retest 186.75 high. However, break of 181.00 will dampen this view, and turn bias back to the downside for 178.02 instead.

In the bigger picture, fall from 186.75 is 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) 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) 149.47; (P) 150.22; (R1) 150.62; More…

Intraday bias in GBP/JPY remains on the downside for retesting 149.03 key support level. Firm break there will carry larger bearish implications. Deeper fall would be seen towards 143.78 medium term fibonacci level. On the upside, above 150.92 minor resistance will turn bias back to the upside for 152.54 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 at least be correcting the whole rise from 123.94 (2020 low). Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 151.31; (P) 151.86; (R1) 152.42; More…

Further is mildly in favor in GBP/JPY with 150.98 minor support intact. Correction from 153.39 should have completed with three waves down to 149.03. Retest of 153.39 should be seen next and firm break there will resume larger up trend. On the downside, below 150.98 minor support will delay the bullish case and turn bias neutral again.

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) 155.51; (P) 156.59; (R1) 157.25; More…

Intraday bias in GBP/JPY is still mildly on the downside as pull back from 158.19 could extend towards 55 day EMA (now at 153.04). On the upside, break of 158.19 will resume larger up trend from 123.94. Next target will be 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72.

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.

Daily Pivots: (S1) 161.74; (P) 162.22; (R1) 162.81; More…

Intraday bias in GBP/JPY remains neutral as corrective pattern from 165.99 is still extending. Further rally is 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. However, break of 161.18 support will dampen this view and turn bias to the downside for 156.70 support 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) 146.04; (P) 146.42; (R1) 146.84; More….

No change in GBP/JPY’s outlook. With 145.13 minor support intact, further rise is expected to 148.09/42 resistance. Decisive break there will extend whole rally from 122.36 to long term fibonacci level at 150.43 next. On the downside, below 145.13 minor support will turn intraday bias neutral and bring consolidation again before staging another rally.

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) 145.49; (P) 146.08; (R1) 146.51; More

With 143.52 minor support intact, intraday bias in GBP/JPY remains on the upside for 147.76/148.42 resistance zone. Decisive break there will confirm resumption of medium term rebound from 122.36. On the downside, below 145.32 minor support will turn intraday bias neutral first. Overall, for the moment, GBP/JPY is still bounded in sideway consolidation pattern from 148.42.

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.

Daily Pivots: (S1) 152.91; (P) 153.65; (R1) 154.21; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 154.56 temporary top. Outlook will stay bullish as long as 150.18 support holds. Above 154.56 will extend the medium term up trend to 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Break will target 100% projection 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.

Daily Pivots: (S1) 164.70; (P) 165.35; (R1) 166.51; More…

GBP/JPY’s rally resumed after brief consolidations and intraday bias is back on the upside. The break of 166.31 resistance suggests that larger up trend is ready to resume. Further rise should be seen to retest 168.67 high first. Decisive break there will confirm and target 100% projection of 155.57 to 168.67 from 159.42 at 172.42. On the downside, below 164.28 minor support will mix up the outlook and turn bias neutral first.

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) 145.74; (P) 146.37; (R1) 147.04; More…

Intraday bias in GBP/JPy remains neutral as sideway consolidation from 148.87 might extend. 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.