Fri, Aug 07, 2020 @ 14:47 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.91; (P) 142.49; (R1) 142.87; More…

A temporary low is formed at 141.15 and intraday bias in GBP/JPY is turned neutral first. On the downside, break of 141.15 will extend the correction from 147.95 to 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 143.05 minor resistance will turn bias to the upside for retesting 147.95 high instead.

In the bigger picture, rise from 126.54 could either be the third leg of the consolidation pattern from 122.75 (2016 low), or the start of a new up trend. In either case, further rally is expected as long as 139.31 support holds, into 148.87/156.59 resistance zone. Reaction from there should reveal which case it should be in. Rejection from there will extend long term range trading. Decisive break of 156.69 will carry long term bullish implications.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 155.12; (P) 155.77; (R1) 156.69; More…

GBP/JPY rises to as high as 156.59 so far. Break of 156.07 indicates larger up trend resumption. Intraday bias is turned back to the upside. Current rally would target 100% projection of 139.29 to 152.82 from 146.96 at 160.49 next. On the downside, break of 151.95 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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GBP/JPY Weekly Outlook

GBP/JPY’s decline accelerated to as low as 129.07 last week. The break of 131.51 support confirmed resumption of whole decline form 156.69. Initial bias stays on the downside this week for 122.36 low as next target. We’d be cautious on bottoming around there. On the upside, above 131.61 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited below 135.66 resistance to bring fall resumption.

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 that could extend with another rebound. Hence, strong support could be seen at 122.36 to bring rebound. However, sustained break will raise the chance of resuming larger 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) 147.74; (P) 148.44; (R1) 149.15; More….

No change in GBP/JPY’s outlook. The corrective rise from 144.97 is still in progress and could extend higher. But, upside should be limited by 150.92 (50% retracement of 156.59 to 144.97 at 150.78) to bring fall resumption. Break of 144.97 will extend the decline from 156.59 to 143.51 medium term fibonacci level next.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.45; (P) 142.09; (R1) 143.14; More…

Intraday bias in GBP/JPY remains neutral first. On the downside, break of 141.15 will extend the correction from 147.95 to 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 143.05 minor resistance will turn bias to the upside for retesting 147.95 high instead.

In the bigger picture, rise from 126.54 could either be the third leg of the consolidation pattern from 122.75 (2016 low), or the start of a new up trend. In either case, further rally is expected as long as 139.31 support holds, into 148.87/156.59 resistance zone. Reaction from there should reveal which case it should be in. Rejection from there will extend long term range trading. Decisive break of 156.69 will carry long term bullish implications.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 136.93; (P) 139.17; (R1) 140.82; More…

With 139.82 minor resistance intact, intraday bias in GBP/JPY remains on the downside. Current decline from 147.95 should target 61.8% retracement of 126.54 to 147.95 from 134.71 next. On the upside, above 139.82 minor resistance will turn intraday bias neutral first. But risk will remain on the downside for now, as long as 144.95 resistance holds.

In the bigger picture, Rejection by 148.87 resistance argues that rise from 126.54 is probably just third third leg of the consolidation pattern from 122.75 (2016 low). Medium term outlook is turned neutral first. Break of 126.54 support would resume larger down trend from 195.86 (2015 high) through 122.75 low.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 149.01; (P) 149.50; (R1) 150.17; More

Intraday bias in GBP/JPY remains neutral at this moment. Overall, it’s bounded in consolidation pattern from 152.82. Break of 148.42 support will start the third leg and target 146.92 and below. But we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to contain downside and bring rebound. On the upside, above 151.92 will retest 152.82 high instead.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after corrective pull back from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 139.29 will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.00; (P) 146.34; (R1) 146.69; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Consolidation consolidation pattern from 143.18 has completed with three waves up to 149.30 already. Deeper fall should now 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) 152.09; (P) 152.33; (R1) 152.65; More…

Intraday bias in GBP/JPY remains neutral at this point. We’re holding on to the view that corrective rise from 144.97 should have completed at 153.84 already. Hence, another decline is expected in the cross. Break of 150.60 will target 148.37 support first. Break will bring retest of 144.97 low. However, firm break of 153.84 will invalidate our view and extend the rise from 144.97 towards 156.59 high.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 137.06; (P) 137.77; (R1) 138.46; More

Intraday bias in GBP/JPY remains on the downside for the moment. The choppy decline from 144.77 is still in progress and should target medium term fibonacci level at 135.39. Overall, price action from 148.42 are seen as a consolidation pattern. We’ll look for bottoming around 135.39. Meanwhile, break of 140.08 resistance is needed to indicate short term reversal. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Or, sustained break of 50% retracement of 122.36 to 148.42 at 135.39 will turn outlook bearish for a test on 122.36 low. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement of 195.86 to 122.36 at 167.78.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.31; (P) 141.90; (R1) 143.05; More

The break of 142.16 support turned resistance suggests that corrective full from 148.42 has completed at 136.44. And, larger rise from 122.36 isn’t finished yet. Intraday bias is back on the upside for 145.38 first. Break will target retest of 148.42 high. On the downside, below 140.74 minor support will turn bias to the downside for 136.44. Break will extend the fall from 148.42 to 61.8% retracement of 122.36 to 148.42 at 132.31 and below.

In the bigger picture, price actions from 122.36 medium term bottom are seen as developing into a corrective pattern. Upside is so far limited below 38.2% retracement of 195.86 to 122.36 at 150.42 for setting the medium term range. At this point, we don’t expect a break of 122.36 in near term and the corrective pattern would extend for a while. Though, sustained break of 150.42 will target 61.8% retracement at 167.78.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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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) 143.41; (P) 144.05; (R1) 144.61; More…

Intraday bias in GBP/JPY remains neutral at this point. As long as 142.81 minor support holds, another rise is mildly in favor. Above 145.67 will target trend line resistance (now at 146.99). Firm break there will be a signal of bullish reversal and should target 149.30 resistance for confirmation. However, break of 142.81 will argue that the rebound from 139.88 has completed and turn bias back to the downside for 139.29/47 key support zone.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.52; (P) 151.73; (R1) 152.39; More…

GBP/JPY’s fall from 153.84 continues today and breach of 151.15 minor support now suggests that rebound from 144.97 has completed. Intraday bias is turned to the downside for 148.37 support first. Break will pave the way for retesting 144.97 low. On the upside, above 152.04 minor resistance will turn focus back to 153.84 instead.

In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 149.98; (P) 150.74; (R1) 151.35; More

With 150.12 minor support intact, intraday bias in GBP/JPY remains on the upside. Current medium term rise from 122.36 should target 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39 next. On the downside, below 150.12 minor support will turn intraday bias neutral and bring consolidation before staging another rally.

In the bigger picture, the consolidation from 148.42 should have completed and medium term rebound from 122.36 is resuming. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. For now, the bullish scenario is preferred as long as 139.29 support holds.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.35; (P) 148.31; (R1) 149.65; More…

Outlook in GBP/JPY is unchanged that price actions from 152.82 are forming a corrective pattern. On the upside, above 149.45 will turn bias to the upside for 151.92 resistance first. Break there will likely resume rise from 139.29 through 152.82 high. On the downside, below 146.96 will bring deeper fall. But now, we’d expect downside to be contained by 50% retracement of 139.29 to 152.82 at 146.05 to bring up trend resumption eventually.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after corrective pull back from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 139.29 will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 138.09; (P) 138.56; (R1) 138.83; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.87 is still in progress. Sustained break of 61.8% retracement of 131.51 to 148.87 at 138.14 will pave the way to retest 131.51 low. Though, considering loss of downside momentum as seen in 4 hour MACD, break of 139.64 resistance will indicate short term bottoming. In such case, stronger rebound and lengthier consolidation would be seen first, before more 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) 139.20; (P) 139.87; (R1) 140.22; More

Intraday bias in GBP/JPY remains neutral for the moment as it’s bounded in choppy trading inside range of 138.53/142.79. Price actions from 148.42 are viewed as a consolidation pattern. On the downside, break of 138.53 support will bring deeper decline to 136.44 support and possibly below. However, we’d expect strong support at 50% retracement of 122.36 to 148.42 at 135.39 to bring rebound. On the upside, above 142.79 will turn bias back to the upside for 144.77 and above.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.54; (P) 145.99; (R1) 146.30; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Consolidation pattern from 143.18 has completed with three waves up to 149.30 already. Deeper fall should 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) 142.89; (P) 143.28; (R1) 143.51; More…

Intraday bias in GBP/JPY is turned neutral with a temporary top formed at 143.65. Another rise is mildly in favor as long as 141.92 minor support holds. Above 143.65 will target 55 day EMA (now at 144.60) and above. On the downside, however, below 141.92 minor support will indicate completion of the rebound. And larger down trend will likely resume for 139.29/47 key support zone instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the downside acceleration makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

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