Mon, May 20, 2019 @ 16:48 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 139.47; (P) 140.07; (R1) 140.60; More…

A temporary low is in place at 139.54 with today’s recovery. Intraday bias is turned neutral first. Upside of recovery should be limited well below 143.72 support turned resistance to bring fall resumption. On the downside, break of 139.54 will resume the decline from 148.87 to retest 131.51 low.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Weekly Outlook

GBP/JPY’s decline from 148.87 accelerated to as low as 139.54 last week. Initial bias stays on the downside this week for61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 140.79 minor resistance will turn intraday bias again and bring consolidations, before staging another decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 140.24; (P) 140.53; (R1) 140.85; More…

GBP/JPY’s fall is in progress and intraday bias stays on the downside. Current decline should target 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 141.64 minor resistance will turn intraday bias again and bring consolidations, before staging another decline

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 140.07; (P) 140.86; (R1) 141.51; More…

Intraday bias in GBP/JPY remains on the downside at this point. Current decline from 148.87 is in progress for 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 141.64 minor resistance will turn intraday bias again and bring consolidations, before staging another decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 141.15; (P) 141.67; (R1) 141.96; More…

GBP/JPY’s fall resumed after brief consolidations. Intraday bias is back on the downside for 1.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 141.64 minor resistance will turn intraday bias again and bring consolidations, before staging another decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.15; (P) 141.67; (R1) 141.96; More…

Intraday bias in GBP/JPY is turned neutral for consolidation above 141.20 temporary low. In case of stronger recovery, upside should be limited by 143.76 support turned resistance to bring fall resumption. On the downside, break of 141.20 will resume the fall from 148.87 to 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 140.95; (P) 141.91; (R1) 142.62; More…

Intraday bias in GBP/JPY remains on the downside at this point. Rebound from 131.51 should have completed at 148.87 already. Deeper fall should be seen to 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 143.24 minor resistance will turn intraday bias neutral and bring consolidations, before staging another decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 142.58; (P) 142.92; (R1) 143.32; More…

GBP/JPY’s fall resumes after brief consolidation and hits as low as 141.33 so far. Intraday bias is back on the downside for 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 143.24 minor resistance will turn intraday bias neutral and bring consolidations, before staging another decline.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 142.58; (P) 142.92; (R1) 143.32; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 142.22 temporary low. In case of stronger recovery, upside should be limited well below 146.50 resistance to bring fall resumption. Current development argues that whole rebound from 131.51 has completed at 148.87 already, ahead of 149.48 key resistance. On the downside, break of 142.22 will resume the decline from 148.87 to 61.8% retracement of 131.51 to 148.87 at 138.14 next.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Weekly Outlook

GBP/JPY dropped sharply to as low as 142.22 last week and broke 143.72 key support decisively. The development argues that whole rebound from 131.51 has completed at 148.87 already, ahead of 149.48 key resistance. Though, as a temporary low was formed just ahead of 38.2% retracement of 131.51 to 148.87 at 142.23, initial bias will be neutral this week for some consolidations first. Upside of recovery should be limited below 146.50 resistance to bring another decline. On the downside, break of 142.22 will resume the decline from 148.87 to 61.8% retracement at 138.14 next.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 142.23; (P) 142.74; (R1) 143.25; More

Intraday bias in GBP/JPY remains on the downside for the moment. Whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Sustained break of 38.2% retracement of 131.51 to 148.87 at 142.23 will target 61.8% retracement at 138.14. On the upside, above 143.76 minor resistance will turn bias neutral and bring consolidation, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 142.76; (P) 143.49; (R1) 143.95; More

GBP/JPY’s decline extends to as low as 142.22 so far. Intraday bias remains on the downside for further decline. As noted before, whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Sustained break of 38.2% retracement of 131.51 to 148.87 at 142.23 will target 61.8% retracement at 138.14. On the upside, above 143.76 minor resistance will turn bias neutral and bring consolidation, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 143.53; (P) 144.45; (R1) 145.05; More

GBP/JPY drops sharply to as low as 143.03 so far today. Firm break of 143.72 support suggests that whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Intraday bias is now on the downside for 38.2% retracement of 131.51 to 148.87 at 142.23 first. Break will target 61.8% retracement at 138.14. On the upside, in case of recovery, near term outlook will stay cautiously bearish as long as 146.50 resistance holds.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.53; (P) 144.45; (R1) 145.05; More

Intraday bias in GBP/JPY remains on the downside with focus on 143.72 key support. Decisive break there will be a strong sign of bearish reversal. That is, whole rebound from 131.51 has completed. Deeper fall should then be seen to 141.00 key support for confirmation. On the upside, above 144.80 minor resistance will turn intraday bias neutral first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

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GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 144.68; (P) 145.52; (R1) 146.04; More

Break of 144.80 minor support suggests that rebound from 143.76 has completed at 146.50 already. Intraday bias in GBP/JPY is turned back to the downside for 143.72 key support level. Decisive break there will be a strong sign of bearish reversal. That is, whole rebound from 131.51 has completed. Deeper fall should then be seen to 141.00 key support for confirmation.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 144.68; (P) 145.52; (R1) 146.04; More

Intraday bias in GBP/JPY remains neutral with focus on 144.80 minor support. Further rise is still in favor with 144.80 intact. On the upside, break of 146.50 resistance will solidify that case that consolidation from 148.87 has completed. Further rise should be seen to retest 148.87/149.48 resistance zone next. On the downside, though, firm break of 144.80 minor support will turn focus back to 143.72 key support.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.28; (P) 145.89; (R1) 146.98; More

Despite today’s sharp retreat, further rise remains mildly in favor in GBP/JPY with 144.80 minor support intact. Break of 147.01 will solidify that case that consolidation from 148.87 has completed. Further rise should be seen to retest 148.87/149.48 resistance zone next. On the downside, though, break of 144.80 minor support will turn focus back to 143.72 key support.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

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GBP/JPY Weekly Outlook

GBP/JPY’s strong rebound last week suggested that that it has defended 143.72 key support again. More importantly, the rise from 131.51 is possibly not completed yet. Initial bias is now on the upside this week for 147.01 resistance first. Break will solidify this bullish case and target 148.87/149.48 resistance zone next. On the downside, though, break of 144.80 minor support will turn focus back to 143.72 key support.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 144.98; (P) 145.43; (R1) 145.78; More…

Intraday bias in GBP/JPY remains neutral first and more consolidative trading could be seen. With 143.72 support intact, near term outlook remains cautiously bullish. That is, rise from 131.51 is in favor to extend. On the upside, break of 147.19 resistance will target 148.98/149.48 resistance zone first. However, on the downside, decisive break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.15; (P) 145.42; (R1) 145.67; More…

With 143.72 support intact, near term outlook in GBP/JPY remains cautiously bullish. That is, rise from 131.51 is in favor to extend. On the upside, break of 147.19 resistance will target 148.98/149.48 resistance zone first. However, on the downside, decisive break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

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