Tue, Aug 04, 2020 @ 11:13 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 137.86; (P) 138.45; (R1) 139.14; More…

GBP/JPY lost upside momentum ahead of 139.73 resistance and intraday bias is turned neutral first. Further rise is in favor as long as 136.62 resistance turned support holds. On the upside, firm break of 139.73 will resume the whole rise from 123.94 and target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. Nevertheless, break of 136.62 will turn intraday bias back to the downside to extend the consolidation pattern from 139.73.

In the bigger picture, rise from 123.94 is currently 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 137.19; (P) 138.19; (R1) 139.60; More…

Intraday bias in GBP/JPY remains on the upside for 139.73 resistance. Break there will resume the whole rise from 123.94 and target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. On the downside, break of 136.62 resistance turned support is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish in case of retreat.

In the bigger picture, rise from 123.94 is currently 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.

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GBP/JPY Weekly Outlook

GBP/JPY surged to as high as 139.20 last week as rise from 131.68 extended. Initial bias stays on the upside this week for 139.73 resistance first. Break there will resume the whole rise from 123.94 and target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. On the downside, break of 136.62 resistance turned support is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish in case of retreat.

In the bigger picture, rise from 123.94 is currently 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.

In the longer term picture, repeated rejection by 55 month EMA indicate long term bearishness in the cross. Down trend from 251.09 (2007 high) should eventually resume through 122.75 to 116.83 (2011 low) and below. However, sustained break of 55 month EMA (now at 144.90) will dampen this view and could open up further rise back to 195.86 (2015 high).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 136.39; (P) 136.89; (R1) 137.71; More…

Intraday bias in GBP/JPY remains on the upside at this point. Rise from 131.68 is target a test on 139.73 high. On the downside, break of 134.99 support is needed to indicate completion of the rebound from 131.68. Otherwise, further rally will remain in favor in case of retreat.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 135.86; (P) 136.17; (R1) 136.65; More…

GBP/JPY’s break of 136.62 resistance suggests resumption of whole rise from 131.68. There is also sign of upside acceleration too. Intraday bias is back on the upside for retesting 139.73 high. On the downside, break of 134.99 support is needed to indicate completion of the rebound from 131.68. Otherwise, further rally will remain in favor in case of retreat.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 135.86; (P) 136.17; (R1) 136.65; More…

GBP/JPY recovered after drawing support from 4 hour 55 EMA but stays below 136.62 temporary top. Intraday bias remains neutral first. Further rally will remain in favor as long as 134.12 support holds. On the upside, break of 136.62 will resume the rebound from 131.68 to 139.73 high. Nevertheless, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 135.44; (P) 135.78; (R1) 136.24; More…

Intraday bias in GBP/JPY remains neutral at this point. Further rally will remain in favor as long as 134.12 support holds. On the upside, break of 136.62 will resume the rebound from 131.68 to 139.73 high. Nevertheless, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 135.31; (P) 135.57; (R1) 135.98; More…

GBP/JPY is staying in consolidation from 136.62 and intraday bias remains neutral. Further rally will remain in favor as long as 134.12 support holds. On the upside, break of 136.62 will resume the rebound from 131.68 to 139.73 high. Nevertheless, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 135.15; (P) 135.66; (R1) 136.31; More…

Intraday bias in GBP/JPY remains neutral for the moment. Further rally will remain in favor as long as 134.12 support holds. On the upside, break of 136.62 will resume the rebound from 131.68 to 139.73 high. Nevertheless, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Weekly Outlook

GBP/JPY edged higher to 136.62 but retreated since then. Initial bias is neutral this week first. But further rally will remain in favor as long as 134.12 support holds. On the upside, break of 136.62 will resume the rebound from 131.68 to 139.73 high. Nevertheless, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

In the longer term picture, repeated rejection by 55 month EMA indicate long term bearishness in the cross. Down trend from 251.09 (2007 high) should eventually resume through 122.75 to 116.83 (2011 low) and below. However, sustained break of 55 month EMA (now at 144.76) will dampen this view and could open up further rise back to 195.86 (2015 high).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 135.75; (P) 136.19; (R1) 136.53; More…

Intraday bias in GBP/JPY is turned neutral again with today’s sharp retreat. Further rise would remain in favor as long as 134.12 support holds. Break of 136.63 will target 139.73 key resistance. However, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 135.66; (P) 136.14; (R1) 137.00; More…

GBP/JPY’s rise from 131.68 resumes after brief consolidation and intraday bias is back on the upside. Further rally would be seen to retest 139.73 high. In any case, outlook will remain cautiously bullish as long as 134.12 support holds, in case of retreat.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 135.57; (P) 136.01; (R1) 136.33; More…

GBP/JPY’s rise lost momentum after hitting 136.43 and intraday bias is turned neutral first. Further rise will remain in favor as long as 134.12 support holds. Break of 136.43 will resume the rebound from 131.68 to retest 139.73 high. However, firm break of 134.12 will suggest completion of the rebound and turn bias back to the downside.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.80; (P) 135.36; (R1) 136.36; More…

GBP/JPY’s rebound from 131.68 finally resumes by taking out 135.91 resistance. Intraday bias is back on the upside for retesting 139.73 high. On the downside, break of 134.12 support is needed to indicate completion of the rebound. Otherwise, outlook will now stay cautiously bullish in case of retreat.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.12; (P) 134.52; (R1) 134.90; More…

Intraday bias in GBP/JPY remains neutral first. Further rise will be in favor as long as 133.94 minor support holds. On the upside, above 135.91 will extend the rebound from 131.68 towards 139.73 high. However, break of 133.94 will suggest that the rebound has completed. Intraday bias will be turned back to the downside for 131.68 support instead.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Weekly Outlook

GBP/JPY stayed in consolidation below 135.91 last week and outlook is unchanged. Initial bias remains neutral this week first. Further rise will be in favor as long as 133.94 minor support holds. On the upside, above 135.91 will extend the rebound from 131.68 towards 139.73 high. However, break of 133.94 will suggest that the rebound has completed. Intraday bias will be turned back to the downside for 131.68 support instead.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

In the longer term picture, repeated rejection by 55 month EMA indicate long term bearishness in the cross. Down trend from 251.09 (2007 high) should eventually resume through 122.75 to 116.83 (2011 low) and below. However, sustained break of 55 month EMA (now at 144.76) will dampen this view and could open up further rise back to 195.86 (2015 high).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.10; (P) 134.63; (R1) 135.21; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. As long as 133.94 minor support holds, further rise is mildly in favor. On the upside, above 135.91 will extend the rebound from 131.68 towards 139.73 high. However, break of 133.94 will suggest that the rebound has completed. Intraday bias will be turned back to the downside for 131.68 support instead.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.37; (P) 134.73; (R1) 134.99; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. As long as 133.94 minor support holds, further rise is mildly in favor. On the upside, above 135.91 will extend the rebound from 131.68 towards 139.73 high. However, break of 133.94 will suggest that the rebound has completed. Intraday bias will be turned back to the downside for 131.68 support instead.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.15; (P) 134.47; (R1) 134.94; More…

GBP/JPY recovers just ahead of 133.94 minor support and intraday bias remains neutral first. As long as 133.94 minor support holds, further rise is mildly in favor. On the upside, above 135.91 will extend the rebound from 131.68 towards 139.73 high. However, break of 133.94 will suggest that the rebound has completed. Intraday bias will be turned back to the downside for 131.68 support instead.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.34; (P) 134.91; (R1) 135.23; More…

GBP/JPY is staying in range below 135.91 temporary top and intraday bias stays neutral first. As long as 133.94 minor support holds, further rise is mildly in favor. On the upside, above 135.91 will extend the rebound from 131.68 towards 139.73 high. However, break of 133.94 will suggest that the rebound has completed. Intraday bias will be turned back to the downside for 131.68 support instead.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.

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