Sat, Jul 21, 2018 @ 17:30 GMT

GBP/JPY Weekly Outlook

GBP/JPY’s sharp decline last week argues that the consolidation pattern from 143.18 has completed with three waves up to 149.30 already. Initial bias remains on the downside this week for 143.18/76 support zone. On the upside, above 147.65 minor resistance will turn bias back to the upside for 149.30/99 resistance zone 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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.36) 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.83; (P) 146.72; (R1) 147.28; More…

GBP/JPY’s fall from 149.30 is still in progress and intraday bias stays on the downside. As noted before, consolidation pattern from 143.18 could have completed at 149.30 already. Deeper fall would be seen back to 143.18/76 support zone. On the upside, above 147.65 minor resistance will turn bias back to the upside for 149.30/99 resistance zone 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.82; (P) 147.53; (R1) 148.20; More…

Intraday bias in GBP/JPY stays mildly on the downside. The consolidation pattern from 143.18 could have completed at 149.30 already. Deeper fall would be seen back to 143.18/76 support zone first. On the upside, however, above 149.30 will bring turn bias to the upside for 149.99 resistance

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.

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GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 147.44; (P) 148.27; (R1) 148.86; More…

GBP/JPY’s break of 147.63 minor support suggests short term topping at 149.30, after failing to break 149.99 resistance. The development also argues that price action from 143.18 is a consolidation pattern that’s completed. Intraday bias is turned to he downside for retesting 143.18.76 support zone first. On the upside, above 149.30 will bring turn bias to the upside for 149.99 resistance.

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.44; (P) 148.27; (R1) 148.86; More…

GBP/JPY failed to take out 149.99 resistance and retreated. Intraday bias is turned neutral first. On the downside, break of 147.63 minor support will argue that rise from 143.76 has completed. And intraday bias will be turned back to the downside for 143.18/76 support zone. On the upside, above 149.30/99 will target 153.84 resistance next.

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 148.29; (P) 148.81; (R1) 149.12; More…

Intraday bias in GBP/JPY remains on the upside for 149.99 resistance. Break there will add more credence to the larger bullish case and target 153.84 resistance next. On the downside, though break of 147063 minor support will argue that the rebound from 143.76 might be finished and turn bias back to the downside

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.97; (P) 148.36; (R1) 149.08; More…

GBP/JPY’s rebound resumed after brief retreat and intraday bias is back on the upside Current rise should target 149.99 resistance first. Break there will add more credence to the larger bullish case and target 153.84 resistance next. On the downside, though break of 146.79 will argue that the rebound from 143.76 might be finished and turn bias back to the downside

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.

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GBP/JPY Weekly Outlook

GBP/JPY rose to as high as 148.88 last week before forming a temporary top there and retreated. As the whole rebound form 143.18 has resumed, further rise is now expected s long as 146.79 support holds. Above 148.88 will target 149.99 resistance. Break there will add more credence to the larger bullish case and target 153.84 resistance next. On the downside, though break of 146.79 will argue that the rebound from 143.76 might be finished and turn bias back to the downside

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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.36) 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.06; (P) 147.60; (R1) 148.40; More…

GBP/JPY retreats notably after hitting 148.88. But with 146.79 minor support intact, further rise is expected for 149.99 resistance. Break of 149.99 will affirm the bullish reversal case and target 153.84 resistance next. However, break of 146.79 will turn focus back to 143.18/76 support zone 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.06; (P) 147.60; (R1) 148.40; More…

GBP/JPY’s break of 148.10 resistance indicates resumption of rebound from 143.18. Intraday bias is back on the upside for 149.99 resistance. Current development argues that the decline from 156.59 has reversed. Break of 149.99 will affirm this case and target 153.84 resistance next. On the downside, though, below 146.79 minor support will mix up the near term outlook again and turn bias neutral.

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.87; (P) 147.33; (R1) 147.85; More…

GBP/JPY’s rebound from 143.76 resumed after steep but brief retreat. But upside is limited below 148.10 resistance and momentum is unconvincing as seen in 4 hour MACD. Intraday bias remains neutral first. On the upside, break of 1481.0 will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 145.17 will confirm completion of rebound from 143.76. Intraday bias will be turned back to the downside for retesting 143.17 low. Break will resume the fall from 156.59.

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.23; (P) 146.93; (R1) 147.64; More…

GBP/JPY retreated sharply ahead of 148.10 resistance. But downside is contained well above 145.17 minor support. Intraday bias remains neutral first. On the downside, break of 145.17 will confirm completion of rebound from 143.76. Intraday bias will be turned back to the downside for retesting 143.17 low. Break will resume the fall from 156.59. Meanwhile, break of 1481.0 will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation.

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.33; (P) 146.56; (R1) 147.03; More…

GBP/JPY’s rebound form 143.76 is still in progress and reaches as high as 147.27 so far. Focus is now on 148.10 resistance. Decisive break there will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 143.18 low will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

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GBP/JPY Weekly Outlook

GBP/JPY’s rebound from 143.76 extended higher last week. But upside momentum has been rather unconvincing as seen in 4 hour MACD. Initial bias remains neutral this week first. On the upside, firm break of 148.10 resistance will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 143.18 low will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.56) 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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.80 (P) 146.34; (R1) 146.83; More…

GBP/JPY breached 146.63 minor resistance but there was no follow through buying. Momentum is also weak as seen in 4 hour MACD. Intraday bias stays neutral first. On the upside, firm break of 148.10 resistance will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.72 (P) 146.04; (R1) 146.53; More…

GBP/JPY is still staying below 146.63 minor resistance despite rally attempt. Intraday bias remains neutral at this point. On the upside, break of 146.63 will turn bias to the upside for 148.10 resistance first. Decisive break there will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.33 (P) 145.86; (R1) 146.44; More…

GBP/JPY remains bounded in range of 143.76/146.63 and intraday bias remains neutral. Break of 146.63 will turn bias to the upside for 148.10 resistance first. Decisive break there will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.11 (P) 145.81; (R1) 146.43; More…

Intraday bias in GBP/JPY stays neutral as range trading continues. On the upside, break of 146.63 will target a test on 148.10 resistance first. Decisive break there will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.96; (P) 144.33; (R1) 144.86; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, break of 146.63 will target a test on 148.10 resistance first. Decisive break there will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

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GBP/JPY Weekly Outlook

GBPJPY dropped to 143.76 last week but rebounded ahead of 143.18. As upside is limited below 146.63 minor resistance, initial bias is neutral this week first. On the upside, break of 146.63 will target a test on 148.10 resistance first. Decisive break there will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.56) 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.

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