Fri, Sep 20, 2019 @ 14:15 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.56; (P) 135.04; (R1) 135.81; More…

Focus remains on 38.2% retracement of 148.87 to 126.54 at 135.07 in GBP/JPY. Sustained break will extend the rebound from 126.54 to 61.8% retracement at 140.33 next. However, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.67; (P) 135.17; (R1) 135.73; More…

GBP/JPY fails to sustain above 38.2% retracement of 148.87 to 126.54 at 135.07 despite another rally attempt. Intraday bias remains neutral first. On the downside, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.28; (P) 134.85; (R1) 135.71; More…

Intraday bias in GBP/JPY stays neutral first. On the downside, break of 132.17 will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 133.90; (P) 134.39; (R1) 134.89; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, break of 132.17 will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 133.86; (P) 134.53; (R1) 135.78; More…

Intraday bias in GBP/JPY is turned neutral with today’s retreat. On the downside, break of 132.17 will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Weekly Outlook

GBP/JPY’s rebound from 126.54 extended higher last week and breached 38.2% retracement of 148.87 to 126.54 at 135.07. Initial bias stays on the upside this week first. Further rise could be seen to 61.8% retracement at 140.33 next. On the downside, break of 132.17 minor support will turn bias back to the downside for retesting 126.54 low instead.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

In the longer term picture, for now, we’re treating price actions from 122.36 as a corrective pattern. Hence, strong support could be seen at 122.36 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term down trend from 251.09 (2007 high). Next downside target will be 61.8% projection of 195.86 to 122.36 from 156.59 at 111.16.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 132.44; (P) 133.05; (R1) 133.91; More…

GBP/JPY’s rebound from 126.54 is still in progress and intraday bias stays on the upside. At this point, we’d still expect upside to be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 132.64; (P) 133.00; (R1) 133.33; More…

No change in GBP/JPY’s outlook. With 130.80 minor support intact, further rise is expected. But upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 132.31; (P) 132.61; (R1) 133.21; More…

GBP/JPY’s corrective rebound from 126.54 is still in progress. Further rise could be seen but upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 131.27; (P) 131.91; (R1) 133.02; More…

Intraday bias in GBP/JPY remains on the upside as corrective rebound from 126.54 short term bottom is in progress. But upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 131.07; (P) 131.60; (R1) 131.93; More…

With 129.91 minor support intact, corrective rebound from 126.54 short term bottom could extend higher. But upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 129.91 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

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GBP/JPY Weekly Outlook

GBP/JPY’s corrective rise from 126.54 resumed last week by breaking 130.69 resistance. Initial bias stays on the upside this week for 38.2% retracement of 148.87 to 126.54 at 135.07. We’d expect strong resistance from there to limit upside to bring down trend resumption. On the downside, below 129.91 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

In the longer term picture, for now, we’re treating price actions from 122.36 as a corrective pattern. Hence, strong support could be seen at 122.36 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term down trend from 251.09 (2007 high). Next downside target will be 61.8% projection of 195.86 to 122.36 from 156.59 at 111.16.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 130.48; (P) 131.32; (R1) 132.73; More…

Intraday bias in GBP/JPY remains on the upside at this point. Rebound from 126.54 is in progress and further rise should be seen. 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, below 129.91 minor support will turn bias back to the downside for retesting 126.54 low first.

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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 128.75; (P) 129.56; (R1) 131.19; More…

GBP/JPY’s break of 130.69 resistance suggests that corrective rise from 126.54 is extending higher. Intraday bias is mildly on the upside for 55 day EMA (now at 132.16) and above. 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, firm 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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 127.09; (P) 127.67; (R1) 128.66; More…

GBP/JPY recovers strongly ahead of 126.54 support. Intraday bias remains neutral as consolidation is extending. Break of 130.69 will bring stronger rebound. But upside should be by 38.2% retracement of 148.87 to 126.54 at 135.07 to bring down trend resumption. On the downside, firm 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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 127.58; (P) 128.45; (R1) 129.02; More…

Focus is now on 126.54 support with today’s sharp fall. Firm break there will resume larger down trend to 122.61 support next. On the upside, break of 130.69 will bring another rebound before completing consolidation from 126.54.

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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 128.97; (P) 129.40; (R1) 129.70; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 126.54 is still in progress. On the upside, above 130.69 will bring stronger rebound. But upside should be 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).

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GBP/JPY Weekly Outlook

GBP/JPY stayed in consolidation from 126.54 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, above 130.69 will bring stronger rebound. But upside should be 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).

In the longer term picture, for now, we’re treating price actions from 122.36 as a corrective pattern. Hence, strong support could be seen at 122.36 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term down trend from 251.09 (2007 high). Next downside target will be 61.8% projection of 195.86 to 122.36 from 156.59 at 111.16.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 129.14; (P) 129.59; (R1) 130.21; More…

No change in GBP/JPY’s outlook as consolidation from 126.54 is extending. Intraday bias remains neutral first. 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).

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2148; (P) 1.2220; (R1) 1.2284; More….

No change in GBP/USD’s outlook. Corrective recovery from 1.2014 could have completed at 1.2309 already. Deeper fall should be seen to retest 1.2014 first. Break will resume larger down trend to 1.1946 low. On the upside, above 1.2309 will extend the recovery. But upside should be limited by 38.2% retracement of 1.3381 to 1.2014 at 1.2536 to bring down trend resumption.

In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

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