GBP/JPY rose to as high as 149.48 last week but failed to take out 149.70 resistance and retreated sharply. As it stays above 146.28 minor support, initial bias is neutral this week and another rise is mildly in favor. On the upside, decisive break of 149.70 will resume whole rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 instead.

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) would 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.

In the longer term picture, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015 high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead (116.83 as 2011 low).

Daily Pivots: (S1) 148.54; (P) 149.01; (R1) 149.42; More…

GBP/JPY’s decline from 149.48 extends lower today but it’s staying above 146.28 minor support. Intraday bias stays neutral first and another rise is mildly in favor. On the upside, decisive break of 149.70 will resume whole rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 instead.

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) would 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) 148.51; (P) 148.88; (R1) 149.43; More…

GBP/JPY retreats mildly ahead of 149.70 resistance. With 4 hour MACD crossed below signal line, intraday bias is turned neutral first. As long as 142.76 support holds, further rally is in favor. On the upside, decisive break of 149.70 will resume whole rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 instead.

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) would 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) 148.51; (P) 148.88; (R1) 149.43; More…

GBP/JPY’s rally is still in progress and intraday bias remains on the upside for 149.70 resistance. Firm break there will resume the whole rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 again.

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) would 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) 147.76; (P) 148.23; (R1) 149.17; More…

Intraday bias in GBP/JPY remains on the upside as rise from 142.76 is in progress for 149.70 resistance. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 again.

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) would 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) 147.06; (P) 147.44; (R1) 148.00; More…

GBP/JPY’s rise from 142.76 is still in progress. Intraday bias remains on the upside for 149.70 resistance first. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 again.

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) would 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) 146.28; (P) 146.77; (R1) 147.28; More…

Intraday bias in GBP/JPY remains on the upside as rebound from 142.76 is in progress for 149.70 first. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 145.43 minor support will turn bias back to the downside for 142.76 again.

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) would 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.

GBP/JPY’s rebound from 142.76 accelerated higher last week and the development suggests that pull back from 149.70 has completed. Initial bias stays on the upside this week for 149.70 first. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 145.43 minor support will turn bias back to the downside for 142.76 again.

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) would 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.

In the longer term picture, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015 high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead (116.83 as 2011 low).

Daily Pivots: (S1) 144.76; (P) 145.75; (R1) 147.48; More…

Intraday bias in GBP/JPY remains on the upside. Current development suggests that pull back from 149.70 has completed. Further rise should be seen to retest 149.70 first. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below below 145.43 minor support will turn bias back to the downside for 142.76 again.

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) would 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) 143.52; (P) 144.33; (R1) 145.05; More…

GBP/JPY’s rebound from 142.76 is still in progress and focus is on 145.81 support turned resistance. Firm break there will indicate completion of the fall from 149.70. Further rise should be seen back to 149.70. On the downside, break of 142.76 will extend the fall from 149.70 for retesting 139.88 low instead.

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) would 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) 143.16; (P) 143.78; (R1) 144.33; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 142.76 temporary low. Near term outlook remains cautiously bearish as long as 146.50 minor resistance holds. Break of 142.76 will extend the fall from 149.70 for retesting 139.88 low.

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) would 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) 143.26; (P) 143.83; (R1) 144.33; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 142.76 temporary low. Near term outlook remains cautiously bearish as long as 146.50 minor resistance holds. Break of 142.76 will extend the fall from 149.70 for retesting 139.88 low.

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) would 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) 142.81; (P) 143.51; (R1) 144.24; More…

A temporary low is formed at 142.76 in GBP/JPY with today’s recovery. Intraday bias is turned neutral for consolidation. But near term outlook remains cautiously bearish as long as 146.50 minor resistance holds. Break of 142.76 will extend the fall from 149.70 for retesting 139.88 low.

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) would 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) 142.81; (P) 143.51; (R1) 144.24; More…

Intraday bias in GBP/JPY remains on the downside at this point. Current fall from 149.70 is in progress for retesting 139.88 low. On the upside, above 145.03 will turn intraday bias neutral and bring consolidation first, before staging another decline.

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) would 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.

GBP/JPY dropped sharply to as low as 142.76 last week. The development confirmed completion of the rise from 139.88 at 149.77. Initial bias remains on the downside this week for 142.59 support. Break there will bring retest of 139.88 low. On the upside, above 145.03 will turn intraday bias neutral and bring consolidation first, before staging another decline.

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) would 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.

In the longer term picture, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015 high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead (116.83 as 2011 low).

Daily Pivots: (S1) 143.72; (P) 144.38; (R1) 144.73; More…

GBP/JPY’s fall from 149.70 is still in progress and intraday bias remains on the downside for 142.59 support. Break there will bring retest of 139.88 low. On the upside, above 145.03 will turn intraday bias neutral and bring consolidation first, before staging another decline.

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) would 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) 143.90; (P) 145.10; (R1) 145.78; More…

Intraday bias in GBP/JPY remains on the downside as fall from 149.70 is in progress. As noted before, whole rise from 139.88 should have completed at 149.70 already. Deeper fall would be seen to 142.59 support first. Break will pave the way to retest 139.88 low. On the upside, break of 146.40 resistance is needed to indicate completion of fall from 149.70. Otherwise, near term outlook will now stay mildly bearish even in case of recovery.

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) would 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) 145.39; (P) 145.90; (R1) 146.50; More…

As noted before, GBP/JPY’s break of 145.67 resistance turned support suggests that whole rise from 139.88 has completed at 149.70 already. Intraday bias is staying on the downside for 142.59 support first. Break will target 139.88 low next. On the upside, break of 147.57 resistance is needed to indicate completion of fall from 149.70. Otherwise, near term outlook will now stay mildly bearish even in case of recovery.

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) would 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.

Daily Pivots: (S1) 145.70; (P) 146.65; (R1) 147.23; More…

GBP/JPY’s break of 145.67 resistance turned support now suggests that whole rise from 139.88 has completed at 149.70 already. Intraday bias is now on the downside for 142.59 support first. Break will target 139.88 low next. On the upside, break of 147.57 resistance is needed to indicate completion of fall from 149.70. Otherwise, near term outlook will now stay mildly bearish even in case of recovery.

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) would 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.

Daily Pivots: (S1) 145.70; (P) 146.65; (R1) 147.23; More…

GBP/JPY breaches 145.67 resistance turned support briefly but quickly recovered. Intraday bias stays neutral first with focus on 145.67. Decisive break there will suggest that the rebound from 139.88 has completed and turn near term outlook bearish again. GBP/USD should target 142.59 support next. On the upside, break of 147.57 will turn bias back to the upside again for 149.70.

In the bigger picture, current development suggests that GBP/JPY has successfully defended 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). And, the rally from 122.36 (2016 low) is still intact. Such medium to long term rise would extend through 156.96 high. This will now be the preferred case as long as 145.67 near term support holds. However, break of 145.67 will turn focus back to 139.29/47 key support zone.