Daily Pivots: (S1) 146.38; (P) 146.75; (R1) 147.45; More…

GBP/JPY’s rebound from 143.18 extended higher and break of 147.04 support turned resistance suggests that fall from 153.84 has completed at 143.18 already. Intraday bias is on the upside for 149.99 resistance first. Break will target 153.84 key near term resistance next. On the downside, break of 145.82 minor support will argue that the rebound is completed and bring retest of 143.18 low.

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) 145.72; (P) 146.31; (R1) 146.78; More…

No change in GBP/JPY’s outlook. We’d expect strong resistance from 147.04 support turned resistance to complete the corrective rebound from 143.18. On the downside, below 144.52 minor support will bring retest of 143.18 first. Break will resume the decline from 153.84.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 144.99; (P) 145.70; (R1) 146.92; More…

Intraday bias in GBP/JPY stays neutral at this point. While rebound from 143.18 might extend, upside should be limited by 147.04 support turned resistance to bring reversal. On the downside, below 144.52 minor support will bring retest of 143.18 first. Break will resume the decline from 153.84.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

GBP/JPY dropped to as low as 143.18 last week but formed a short term bottom there and recovered. Initial bias remains neutral this week for consolidation. In case of further rebound, upside should be limited by 147.04 support turned resistance to bring reversal. On the downside, below 144.52 minor support will bring retest of 143.18 first. Break will resume the decline from 153.84.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.94) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.26 is in favor to extend to 50% retracement of 195.86 (2015high) 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.

Daily Pivots: (S1) 144.07; (P) 144.70; (R1) 145.27; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 143.18 is still in progress. Further recovery could be seen. But upside should be limited by 147.04 support turned resistance to bring decline resumption. Break of 143.18 will extend the fall from 159.59 to 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 143.80; (P) 144.44; (R1) 145.28; More…

A temporary low should be in place at 143.18 with today’s recovery. Intraday bias in GBP/JPY is turned neutral for consolidation. Further rise could be seen. But upside should be limited by 147.04 support turned resistance to bring decline resumption. Break of 143.18 will extend the fall from 159.59 to 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 142.99; (P) 144.36; (R1) 145.54; More…

GBP/JPY turned sideway after reaching as low as 143.18. But there is no sign of bottoming yet. Intraday bias stays on the downside. Current falls should target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next. Break there will target key cluster level at 139.29. On the upside, break of 147.04 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 145.16; (P) 145.79; (R1) 146.27; More…

GBP/JPY drops to as low as 143.18 so far today. The solid break of 144.97 support confirms resumption of decline from 156.69. Intraday bias stays on the downside for 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next. Brea there will target key cluster level at 139.29. On the upside, break of 147.04 support turned resistance is now needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 144.89; (P) 145.81; (R1) 146.35; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Current fall from 153.84 is in progress for 144.97 support. Decisive break there will resume the decline from 156.69 too and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next. On the upside, above 146.71 minor resistance will turn intraday bias neutral and bring consolidation. But near term outlook will remain bearish as long as 149.99 resistance holds.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

GBP/JPY’s fall from 153.84 resumed last week and dropped to as low as 145.26. Initial bias is on the downside this week for 144.97 support. Decisive break there will resume the decline from 156.69 too and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next. On the upside, above 146.71 minor resistance will turn intraday bias neutral and bring consolidation. But near term outlook will remain bearish as long as 149.99 resistance holds.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.94) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.26 is in favor to extend to 50% retracement of 195.86 (2015high) 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.

Daily Pivots: (S1) 145.50; (P) 146.38; (R1) 147.08; More…

GBP/JPY edged lower to 145.67 but there was no follow through selling yet. Intraday bias stays neutral first and some more consolidative trading could be seen. Upside of recovery should be limited well below 149.99 resistance to bring fall resumption. Below 145.93 will target 144.97 low first. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 145.59; (P) 147.31; (R1) 148.68; More…

A temporary low is in place at 145.93 after breaching 147.04 resistance. Intraday bias in GBP/JPY is turned neutral first, for some consolidations. but upside of recovery should be limited well below 149.99 resistance to bring fall resumption. Below 145.93 will target 144.97 low first. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 148.57; (P) 149.15; (R1) 149.54; More…

GBP/JPY’s decline accelerates to as low as 145.94 so far after breaking 147.04. Fall from 153.84 has resumed and intraday bias remains on the downside for 144.97 low. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next. On the upside, above 147.04 will turn intraday bias neutral and bring recovery. But upside should be limited well below 149.99 to bring fall resumption.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 148.57; (P) 149.15; (R1) 149.54; More…

GBP/JPY’s sharp fall and break of 148.16 minor support suggests that corrective recovery from 147.04 has completed at 149.99 already, ahead of 150.06 resistance as expected. Intraday bias is back on the downside for 147.04 first and then 144.97. Decisive break of 144.97 will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next. In case of another rise, we’d continue to expect strong resistance below 150.60 support turned resistance to bring decline resumption.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 148.74; (P) 149.20; (R1) 149.59; More…

Intraday bias in GBP/JPY remains neutral at this point. Corrective recovery from 147.04 could still extend higher. But upside should be limited below 150.60 support turned resistance to bring decline resumption. On the downside, break of 148.16 will turn bias to the downside for 147.04 and then 144.97. Decisive break of 144.97 will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 148.86; (P) 149.45; (R1) 149.81; More…

Intraday bias in GBP/JPY stays neutral first. Corrective recovery from 147.04 could still extend higher. But upside should be limited below 150.60 support turned resistance to bring decline resumption. On the downside, break of 148.16 will turn bias to the downside for 147.04 and then 144.97. Decisive break of 144.97 will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

GBP/JPY’s recovery from 147.04 extended further to 149.99 last week but lost momentum since then. Initial bias is neutral this week first. Such recovery is seen as a corrective move. Therefore, in case of another rise, upside should be limited below 150.60 support turned resistance to bring decline resumption. On the downside, break of 148.16 will turn bias to the downside for 147.04 and then 144.97. Decisive break of 144.97 will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.94) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.26 is in favor to extend to 50% retracement of 195.86 (2015high) 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.

Daily Pivots: (S1) 149.05; (P) 149.44; (R1) 150.12; More…

Intraday bias in GBP/JPY mildly on the upside as recovery from 147.04 could extend higher. But still, such choppy rise is seen as a correction. Hence, upside should be limited below 150.60 support turned resistance to bring fall resumption eventually. On the downside, below 148.16 will likely resume the decline from 153.84 through 147.04 to 144.97 low. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 148.34; (P) 148.76; (R1) 149.34; More…

GBP/JPY’s recovery from 147.03 resumed by taking out 149.29 minor resistance. Further rise could be seen. But still, such choppy rise is seen as a correction. Hence, upside should be limited below 150.60 support turned resistance to bring fall resumption eventually. On the downside, below 148.16 will likely resume the decline from 153.84 through 147.04 to 144.97 low. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

Daily Pivots: (S1) 148.03; (P) 148.55; (R1) 149.15; More…

GBP/JPY is still bounded in range of 147.04/149.29 and intraday bias remains neutral. Consolidation from 147.04 temporary low could extend. But upside should be limited below 150.60 support turned resistance to bring fall resumption. Below 147.04 will target 144.97 first. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.