Daily Pivots: (S1) 160.04; (P) 160.35; (R1) 160.87; More…

Intraday bias in GBP/JPY remains neutral for the moment. 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) 182.73; (P) 182.99; (R1) 183.39; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Outlook is unchanged that corrective pattern from 183.99 has completed with three waves down to 176.29. Above 183.23 will target 183.99 resistance first. Decisive break there will resume larger up trend. However, break of 180.85 will turn bias to the downside to extend the corrective pattern from 183.99 with another falling leg.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue through 183.99 at a later stage, towards 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

Daily Pivots: (S1) 135.94; (P) 136.45; (R1) 137.33; More…

GBP/JPY’s strong break of 137.51 indicates short term bottoming at 135.58, ahead of 135.39 fibonacci level. The consolidation pattern from 148.82 could have completed today. Intraday bias is turned back to the upside for 140.08 resistance first. Break will affirm this case and target a test on 148.42 resistance next. For now, outlook will stays cautiously bullish as long as 135.58 support holds.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. As long as 50% retracement of 122.36 to 148.42 at 135.39 holds, another rising leg would be seen to 38.2% retracement of 195.86 to 122.36 at 150.42 and possibly above. However, firm break of 135.39 will bring retest of 122.36, with prospect of resuming the larger down trend from 195.86.

Daily Pivots: (S1) 138.53; (P) 139.14; (R1) 139.53; More…

GBP/JPY is staying in consolidation from 104.20 and intraday bias remains neutral first. Further rally is expected as long as 137.84 support holds. Rise from 123.94 has just resumed and break of 140.20 will target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, break of 137.84 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for pull back.

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) 140.95; (P) 141.91; (R1) 142.62; More…

Intraday bias in GBP/JPY remains on the downside at this point. Rebound from 131.51 should have completed at 148.87 already. Deeper fall should be seen to 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 143.24 minor resistance will turn intraday bias neutral and bring consolidations, before staging another decline.

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.

Daily Pivots: (S1) 141.89; (P) 142.49; (R1) 143.13; More….

GBP/JPY’s fall from 148.09 resumes today by taking out 141.43 and reaches as low as 140.19 so far. Intraday bias is back on the downside for 61.8% retracement of 135.58 to 148.09 at 140.35. We’ll look for bottoming around there. Break of 143.93 will indicate near term reversal and turn bias back to the upside. However, sustained break of 140.35 will bring deeper fall to 135.58 key support level.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

Daily Pivots: (S1) 144.55; (P) 144.73; (R1) 144.88; More…

No change in GBP/JPY’s outlook and further rise is expected with 144.01 minor support intact. Current up trend from 133.03 should target 147.95 key medium term structural resistance. Sustained break there will carry larger bullish implications. On the downside, however, break of 144.01 minor 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 seen 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) 181.10; (P) 181.39; (R1) 181.89; More…

GBP/JPY is staying in consolidation above 180.78 and intraday bias stays neutral. With 183.34 resistance intact, further decline is expected. On the downside, break of 180.78 will resume the fall from 186.75 to 176.29 support next.

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) 152.66; (P) 153.15; (R1) 153.55; More…

With 154.63 minor resistance intact, fall from 158.19 is in progress and would target 148.93 structural support level. On the upside, break of 154.63 minor resistance will revive near term bullishness and turn bias back to the upside for 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.

GBP/JPY retreated last week as price actions from 144.84 developed into consolidation pattern. Initial bias remains neutral this week first. Further rise is expected as long as 140.62 minor support holds. Break of 144.82 will resume the rebound from 131.51 to trendline resistance at around 147.23. We’d expect strong resistance from there 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.

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) 144.77; (P) 145.19; (R1) 145.80; More…

A temporary low is in place at 144.37 and intraday bias is turned neutral first. Further fall is expected with 146.46 minor resistance intact. Below 144.37 will target 143.18 first. Break will will resume larger decline from 156.59 and target 139.25/47 cluster support level. Nonetheless, above 146.46 will turn focus back to 148.10 resistance instead.

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) 134.73; (P) 135.29; (R1) 135.63; More…

Break of 135.08 suggests resumption of decline from 148.87. Intraday bias is turned back to the downside for 131.51 low next. On the upside, above 136.05 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 137.78 resistance holds.

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) 199.22; (P) 199.64; (R1) 200.33; More…

GBP/JPY is staying in range below 200.72 and intraday bias stays neutral. On the downside, break of 197.28 will strengthen the case that rise from 191.34 has completed. Intraday bias will be back on the downside for 195.02 support first. However, decisive break of 200.72 will resume larger uptrend instead.

In the bigger picture, as long as 188.63 resistance turned support holds, long term up trend is expected to continue. Sustained trading above 200.53 will pave the way to 100% projection of 155.33 to 188.63 from 178.32 at 211.62.

Daily Pivots: (S1) 144.08; (P) 144.41; (R1) 144.72; More…

Intraday bias in GBP/JPY stays neutral with focus on 143.72 key support. On the downside, decisive 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. Meanwhile, rebound from current level will retain bullishness. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next.

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) 137.50; (P) 137.96; (R1) 138.88; More…

A temporary low is formed at 136.93 as GBP/JPY turns into consolidation. Intraday bias is turned neutral first. Upside of recovery should be limited by 140.92 support turned resistance to bring fall resumption. Break of 136.93 will extend the decline from 147.95 to 61.8% retracement of 126.54 to 147.95 from 134.71 next.

In the bigger picture, Rejection by 148.87 resistance argues that rise from 126.54 is probably just third third leg of the consolidation pattern from 122.75 (2016 low). Medium term outlook is turned neutral first. Break of 126.54 support would resume larger down trend from 195.86 (2015 high) through 122.75 low.

Daily Pivots: (S1) 142.49; (P) 142.80; (R1) 143.03; More…

Intraday bias in GBP/JPY remains neutral as consolidation continues below 143.25 temporary top. 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.

GBP/JPY rebounded last week but failed to sustain above 151.38 resistance. Initial bias remains neutral this week first. On the upside, firm break of 151.38 will turn bias to the upside for 153.42 resistance first. Break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, decisive break of 149.03 support will carry larger bearish implication and target 143.78 fibonacci level next.

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.

In the longer term picture, the strong break of 55 months EMA was an early sign of long term bullish reversal. Firm break of 156.69 resistance should now confirm the start of an up trend for 195.86 (2015 high). However, rejection by 156.69 will invalidate the bullish signal and keep long term outlook neutral first.

Daily Pivots: (S1) 185.83; (P) 186.74; (R1) 187.31; More…

Range trading continues in GBP/JPY and intraday bias remains neutral for the moment. On the upside, firm break of 187.60 will turn bias to the upside for 188.90. Break there will confirm resumption of larger up trend. Meanwhile, below 185.21 will turn bias to the downside and extend the correction from 188.90.

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).

Daily Pivots: (S1) 156.63; (P) 157.08; (R1) 157.77; More…

Intraday bias in GBP/JPY remains on the upside with focus on 158.19 resistance. Decisive break there will confirm resumption of whole up trend from 123.94. Next target is 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, below 156.32 minor support will delay the bullish case and turn intraday bias neutral first.

In the bigger picture, up trend from 123.94 (2020 low) should still be in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 to 122.75 at 167.93. This will now remain the favored case as long as 148.94 support holds.

Daily Pivots: (S1) 137.07; (P) 137.87; (R1) 138.37; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 136.93. In case of another recovery, upside should be limited by 140.92 support turned resistance to bring fall resumption. Break of 136.93 will extend the decline from 147.95 to 61.8% retracement of 126.54 to 147.95 from 134.71 next.

In the bigger picture, Rejection by 148.87 resistance argues that rise from 126.54 is probably just third third leg of the consolidation pattern from 122.75 (2016 low). Medium term outlook is turned neutral first. Break of 126.54 support would resume larger down trend from 195.86 (2015 high) through 122.75 low.