Thu, Oct 06, 2022 @ 10:40 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 162.41; (P) 164.06; (R1) 165.51; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. While further rise could be seen, strong resistance might be seen from 169.10 high to limit upside, at least on first attempt. On the downside, below 159.41 minor support will turn bias back to the downside for 148.93 again. However, firm break of 169.10 will confirm resumption of larger up trend.

In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 164.06; (P) 164.80; (R1) 166.17; More…

Intraday bias in GBP/JPY stays on the upside as rise from 148.93 is in progress for retesting 169.10 high. Strong resistance could be seen there to limit upside, at least on first attempt. On the downside, below 159.41 minor support will turn bias back to the downside for 148.93 again. However, firm break of 169.10 will confirm resumption of larger up trend.

In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 161.53; (P) 162.72; (R1) 164.84; More…

GBP/JPY’s rally from 148.93 is still in progress and intraday bias stays on the upside. Further rally should be seen to retest 169.10 high. Strong resistance could be seen there to limit upside, at least on first attempt. On the downside, below 159.41 minor support will turn intraday bias neutral first. However, firm break of 169.10 will confirm resumption of larger up trend.

In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 159.91; (P) 161.05; (R1) 162.65; More…

Intraday bias in GBP/JPY remains mildly on the upside as rebound from 148.93 extends higher. Further rally should be seen to retest 169.10 high. Strong resistance could be seen there to limit upside, at least on first attempt. On the downside, below 159.41 minor support will turn intraday bias neutral first.

In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.

GBP/JPY Weekly Outlook

GBP/JPY dived to as low as 148.93 last week but rebounded strongly since then. The development suggest that corrective fall from 169.10 has completed after drawing support from 151.84 long term fibonacci level. Initial bias stays on the upside this week for retesting 169.10 high. On the downside, though, break of 155.63 minor support will turn bias back to the downside for 148.93 low again.

In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.

In the longer term picture, as long as 55 month EMA (now at 150.40) holds, rise from 122.75 could still extend higher at a later stage. However, sustained break of 55 month EMA will ague that whole rise has completed, and open up deeper fall back to 116.83/122.75 support zone.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 157.21; (P) 158.83; (R1) 162.04; More…

GBP/JPY’s rebound form 148.93 extended higher and the break of 160.64 support turned resistance argues that fall form 169.10 is totally completed. Intraday bias is back on the upside for 169.10 next. On the downside, nevertheless, below 155.63 will turn bias back to the downside for retesting 148.93 low instead.

In the bigger picture, rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 153.98; (P) 155.53; (R1) 158.50; More…

GBP/JPY is staying in consolidation from 148.93 and intraday bias remains neutral. For now, risk will stay on the downside as long as 160.64 support turned resistance holds. Break of 148.93 will resume the decline from 169.10 towards 141.19 fibonacci level.

In the bigger picture, rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 154.26; (P) 155.32; (R1) 156.49; More…

Intraday bias in GBP/JPY stays neutral as consolidation from 148.93 is still in progress. For now, risk will stay on the downside as long as 160.64 support turned resistance holds. Break of 148.93 will resume the decline from 169.10 towards 141.19 fibonacci level.

In the bigger picture, rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.00; (P) 153.60; (R1) 158.32; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 148.93. For now, risk will stay on the downside as long as 160.64 support turned resistance holds. Break of 148.93 will resume the decline from 169.10 towards 141.19 fibonacci level.

In the bigger picture, rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 153.81; (P) 157.13; (R1) 158.80; More…

GBP/JPY recovered strongly after diving to 148.93. Intraday bias is turned neutral first. For now, risk will stay on the downside as long as 160.64 support turned resistance holds. Break of 148.93 will resume the decline from 169.10 towards 141.19 fibonacci level.

In the bigger picture, rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 153.81; (P) 157.13; (R1) 158.80; More…

GBP/JPY’s decline continues today and intraday bias stays on the downside. Sustained trading below 151.84 fibonacci level will pave the way to next level at 141.19. On the upside, above 155.61 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.

GBP/JPY Weekly Outlook

GBP/JPY’s sharp decline and break of 155.57 support suggests medium term topping at 169.10. That came after multiple rejection by long term fibonacci level at 167.93. Initial bias remains on the downside this week for 150.95 support next. On the upside, above 159.10 minor resistance will turn intraday bias neutral and bring consolidations, before staging another fall.

In the bigger picture, rejection by 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 suggests that rise from 123.94 (2020 low) has completed. Deeper fall would be seen to 38.2% retracement of 123.94 to 169.10 at 151.84. Some support could be seen there to bring rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.

In the longer term picture, as long as 55 month EMA (now at 150.40) holds, rise from 122.75 could still extend higher at a later stage. However, sustained break of 55 month EMA will ague that whole rise has completed, and open up deeper fall back to 116.83/122.75 support zone.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 158.13; (P) 161.29; (R1) 163.44; More…

GBP/JPY’s break of 159.42 support is taken as a early sign of bearish trend reversal. Intraday bias stays on the downside for 155.57 support first. Decisive break there should confirm this bearish case. On the upside, above 162.28 minor resistance will turn intraday bias neutral first.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. However, firm break of 155.57 will confirm medium term topping, after rejection by 167.93. Outlook will be turned bearish for deeper decline.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 161.76; (P) 162.86; (R1) 163.47; More…

Intraday bias in GBP/JPY remains on the downside as fall from 169.10 accelerates lower. Break of 159.42 support will be an early sign of larger reversal, and target 155.57 support next. On the upside, though, above 162.28 minor resistance will turn bias neutral first, and extend the sideway pattern from 168.40.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 163.03; (P) 163.73; (R1) 164.33; More…

GBP/JPY’s fall from 169.10 resumed after brief consolidations. Intraday bias is back on the downside for 159.42. . But downside should be contained there to bring rebound. On the upside, above 164.42 minor resistance will turn intraday bias neutral again. Overall, consolidation from 168.40 is still extending. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support next.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 163.17; (P) 163.50; (R1) 164.06; More…

Intraday bias in GBP/JPY is turned neutral with current recovery. Overall, consolidation from 168.40 is still extending. Below 162.72 will turn bias back to the downside for 159.42. . But downside should be contained there to bring rebound. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support next.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 162.51; (P) 163.56; (R1) 164.38; More…

Intraday bias in GBP/JPY remains on the downside for 159.42 support. But downside should be contained there to bring rebound. Overall, it’s staying in consolidation pattern from 168.40. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support next.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

GBP/JPY Weekly Outlook

GBP/JPY stayed in consolidation pattern from 168.40 last week and started another falling leg. Initial bias is mildly on the downside this week for 159.42 support. But downside should be contained there to bring rebound. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support next.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

In the longer term picture, rise from 122.75 could be the third leg the the pattern from 116.83 (2011 low). Further rise will remain in favor as long as 55 month EMA (now at 150.68) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the way to 195.86 (2015 high).

GBP/JPY Daily Outlook

Daily Pivots: (S1) 164.09; (P) 164.92; (R1) 165.35; More…

GBP/JPY’s break of 163.91 support suggests that corrective pattern from 168.40 is extending with another falling leg. Intraday bias is back on the downside for 159.42 support. But downside should be contained there to bring rebound. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support next.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 164.49; (P) 165.50; (R1) 166.25; More…

Intraday bias in GBP/JPY stays neutral for the moment. On the upside, decisive break of 168.67 high will resume larger up trend. Next target is 100% projection of 155.57 to 168.67 from 159.42 at 172.42. On the downside, break of 163.91 resistance turned support will turn bias back to the downside to extend the corrective pattern from 168.67.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.