Sun, Oct 20, 2019 @ 00:52 GMT

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 132.47; (P) 132.90; (R1) 133.33; More…

GBP/JPY’s break of 132.17 support suggests rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Corrective rebound from 126.54 has completed with three waves up to 135.74. Intraday bias is back on the downside for retesting 126.54 low. On the upside, break of 133.35 will turn intraday bias neutral first.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will target 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 132.47; (P) 132.90; (R1) 133.33; More…

Intraday bias in GBP/JPY remains neutral first. On the downside, break of 132.17 support will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned to the downside for retesting 126.54 low. On the upside, sustained break of 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will target 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 132.22; (P) 132.75; (R1) 133.18; More…

Intraday bias in GBP/JPY remains neutral at this point, with focus on 132.17. On the downside, break of 132.17 support will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned to the downside for retesting 126.54 low. On the upside, sustained break of 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will target 116.83 (2011 low).

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GBP/JPY Weekly Outlook

GBP/JPY gyrated lower last week but stays above 132.17 minor support so far. Initial bias remains neutral this week first. On the downside, break of 132.17 support will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned to the downside for retesting 126.54 low. On the upside, sustained break of 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will target 116.83 (2011 low).

In the longer term picture, for now, we’re treating price actions from 122.75 (2016 low) as a corrective pattern. Hence, strong support could be seen at 122.75 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term 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) 132.42; (P) 132.86; (R1) 133.33; More…

Intraday bias in GBP/JPY stays neutral first. On the downside, break of 132.17 will indicate completion of rebound from 126.54. Intraday bias will be turned back to the downside for retesting 126.54. On the upside, sustained break of 38.2% retracement of 148.87 to 126.54 at 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 132.62; (P) 133.31; (R1) 133.78; More…

Intraday bias in GBP/JPY remains neutral with focus on 132.17. Break will indicate completion of rebound from 126.54. Intraday bias will be turned back to the downside for retesting 126.54. On the upside, sustained break of 38.2% retracement of 148.87 to 126.54 at 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 133.38; (P) 133.99; (R1) 134.43; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 135.74 temporary top. On the upside, sustained break of 38.2% retracement of 148.87 to 126.54 at 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next. However, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 133.20; (P) 133.88; (R1) 134.39; More…

Intraday bias in GBP/JPY stays neutral at this point. Some more consolidations could be seen below 135.74 temporary top. On the upside, sustained break of 38.2% retracement of 148.87 to 126.54 at 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next. However, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 133.57; (P) 134.65; (R1) 135.22; More…

Intraday bias in GBP/JPY remains neutral for the moment. Some more consolidations could be seen below 135.74 temporary top. On the upside, sustained break of 38.2% retracement of 148.87 to 126.54 at 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next. However, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Weekly Outlook

GBP/JPY edged higher to 135.74 last week but failed to sustain above 38.2% retracement of 148.87 to 126.54 at 135.07 and retreated. Initial bias remains neutral this week first. On the upside, sustained break of 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next. However, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

In the longer term picture, for now, we’re treating price actions from 122.75 (2016 low) as a corrective pattern. Hence, strong support could be seen at 122.75 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term 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) 134.56; (P) 135.04; (R1) 135.81; More…

Focus remains on 38.2% retracement of 148.87 to 126.54 at 135.07 in GBP/JPY. Sustained break will extend the rebound from 126.54 to 61.8% retracement at 140.33 next. However, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.67; (P) 135.17; (R1) 135.73; More…

GBP/JPY fails to sustain above 38.2% retracement of 148.87 to 126.54 at 135.07 despite another rally attempt. Intraday bias remains neutral first. On the downside, break of 132.17 support will suggest rejection by 135.07 and turned bias back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.28; (P) 134.85; (R1) 135.71; More…

Intraday bias in GBP/JPY stays neutral first. On the downside, break of 132.17 will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 133.90; (P) 134.39; (R1) 134.89; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, break of 132.17 will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 133.86; (P) 134.53; (R1) 135.78; More…

Intraday bias in GBP/JPY is turned neutral with today’s retreat. On the downside, break of 132.17 will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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GBP/JPY Weekly Outlook

GBP/JPY’s rebound from 126.54 extended higher last week and breached 38.2% retracement of 148.87 to 126.54 at 135.07. Initial bias stays on the upside this week first. Further rise could be seen to 61.8% retracement at 140.33 next. On the downside, break of 132.17 minor support will turn bias back to the downside for retesting 126.54 low instead.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

In the longer term picture, for now, we’re treating price actions from 122.36 as a corrective pattern. Hence, strong support could be seen at 122.36 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term 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) 132.44; (P) 133.05; (R1) 133.91; More…

GBP/JPY’s rebound from 126.54 is still in progress and intraday bias stays on the upside. At this point, we’d still expect upside to be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 132.64; (P) 133.00; (R1) 133.33; More…

No change in GBP/JPY’s outlook. With 130.80 minor support intact, further rise is expected. But upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 132.31; (P) 132.61; (R1) 133.21; More…

GBP/JPY’s corrective rebound from 126.54 is still in progress. Further rise could be seen but upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 131.27; (P) 131.91; (R1) 133.02; More…

Intraday bias in GBP/JPY remains on the upside as corrective rebound from 126.54 short term bottom is in progress. But upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07. On the downside, below 130.81 minor support will turn bias back to the downside for retesting 126.54.

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 122.75 (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).

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