GBP/JPY Daily Outlook

Daily Pivots: (S1) 132.91; (P) 133.24; (R1) 133.66; More…

Intraday bias in GBP/JPY stays neutral and outlook is unchanged. Corrective rebound from 123.94 could have already completed at 135.74 already. On the downside, break of 131.90 will resume the fall from 135.74 and target a retest on 123.94 low. On the upside, in case of another rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring near term reversal.

In the bigger picture, price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.39; (P) 150.94; (R1) 151.39; More…

Intraday bias in GBP/JPY remains on the upside for 61.8% retracement of 156.59 to 144.97 at 152.15 and above. or now, price actions from 144.97 are still seen as corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. On the downside, below 150.62 minor support will turn intraday bias neutral first. But break of 148.37 is needed to confirm completion of the rebound. Otherwise, near term outlook will remain cautiously bearish in case of retreat.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 139.95; (P) 140.41; (R1) 141.11; More…

Intraday bias in GBP/JPY is back on the upside as rise from 123.94 resumes. Sustained break of 100% projection of 123.94 to 135.74 from 129.27 at 141.07 will pave the way to 161.8% projection at 148.36. On the downside, break of 138.24 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

In the bigger picture, rise from 123.94 is still seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). 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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 135.31; (P) 135.57; (R1) 135.98; More…

GBP/JPY is staying in consolidation from 136.62 and intraday bias remains neutral. Further rally will remain in favor as long as 134.12 support holds. On the upside, break of 136.62 will resume the rebound from 131.68 to 139.73 high. Nevertheless, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this support.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 140.93; (P) 141.41; (R1) 142.20; More…

GBP/JPY’s breach of 142.22 suggests resumption of rebound from 131.51. Intraday bias is back on the upside for 143.93 resistance first. Break will pave the way to 149.48 resistance next. On the downside, below 140.62 minor support will turn intraday bias neutral again. But further rally is expected as long as 137.35 minor support holds.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 (2018 high) already. That came after failing to break through 55 month EMA. No change in this view. Strong rebound from 131.51 argues that fall from 156.59 is just the second leg of the corrective pattern from 122.36. Break of 149.38 resistance will confirm the third leg has started to 159.69, and possibly above. Nevertheless, break of 131.51 will pave the way to retest 122.26 low.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.10; (P) 147.83; (R1) 148.33; More…

Despite losing upside momentum, further is still in favor in GBP/JPY with 146.24 minor support intact. Current rally should target 149.50 resistance. Decisive break there will confirm our bullish view that decline from 156.59 has completed at 139.88. On the downside, below 146.24 minor support will bring deeper pull back. But outlook will remain cautiously bullish as long as 142.58 support holds.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, the decline from 156.69 is seen as corrective move. That is, rise from 122.36 (2016 low), is still expected to extend higher through 156.69. However, sustained break of 139.29/47 should confirm medium term reversal and turn outlook bearish.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 152.89; (P) 153.32; (R1) 154.00; More…

GBP/JPY is staying in consolidation below 153.83 temporary top and intraday bias remains neutral first. In case of another retreat, downside should be contained by 151.15 minor support to bring rise resumption. Above 153.83 will extend the rally from 144.97 and target to retest 156.96 high. However, break of 151.15 will suggest that such rebound from 144.97 has completed and bring retest of this support.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 152.12; (P) 152.93; (R1) 154.53; More…

Intraday bias in GBP/JPY is turned neutral with the strong rebound from 151.28. Correction from 156.05 could still extend lower. Below 151.28 will target 38.2% retracement of 136.96 to 156.05 at 148.75. We’d expect strong support from there to bring rebound. On the upside, sustained break of 154.10 support turned resistance should argue that the correction has completed. Intraday bias will be turned back to the upside for retesting 156.05 high.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus is now on 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. On the downside, break of 149.03 support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.60; (P) 147.08; (R1) 147.94; More…

Intraday bias in GBP/JPY remains neutral as recovery from 144.97 temporary low is in progress. While further rise cannot be ruled out, upside should be limited below 150.92 resistance to bring another decline. Break of 144.97 will extend the fall from 156.69 to 143.51 medium term fibonacci level next. We’ll look for bottoming signal there. But firm break will target 139.29 support.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 153.76; (P) 154.45; (R1) 155.08; More…

GBP/JPY retreats after hitting 1551.3 and intraday bias is turned neutral first. On the upside, above 155.13 will target a test on 156.05 high. Firm break there will resume larger up trend from 123.94. Nevertheless, consolidation from 156.05 could still extend with another falling leg. Break of 153.07 minor support will turn bias back to the downside for 151.28 again.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus is now on 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. On the downside, break of 149.03 support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.

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) 148.54; (P) 149.51; (R1) 150.10; More…

No change in GBP/JPY’s outlook. The choppy corrective rebound from 144.97 might still extend. But we’d expect strong resistance from limit upside and bring fall resumption. On the downside, below 147.65 minor support will bring retest of 144.97 low first. However, sustained break of 150.92 will indicate near term reversal and pave the way back to retest 156.69 high.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 158.06; (P) 158.66; (R1) 159.73; More…

Intraday bias in GBP/JPY remains neutral for the moment as range trading continues. . On the downside, break of 155.33 will resume the whole decline from 172.11 to 153.70 fibonacci level. On the upside, above 161.51 will bring stronger rise through 55 day EMA (now at 162.32).

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 183.43; (P) 183.87; (R1) 184.41; More…

Intraday bias in GBP/JPY stays neutral first. On the upside, sustained break of 184.15 resistance will argue that whole pull back from 188.63 has completed and bring further rally to retest this high. However, break of 181.73 minor support will indicate rejection by 184.15, and retain near term bearishness. Intraday bias will be back on the downside for 178.71 support instead.

In the bigger picture, price actions from 188.63 medium term top are seen as a correction to the up trend from 148.93 (2022 low) only. As long as 172.11 resistance turned support holds, larger up trend from 123.94 (2020 low) is still in favor to resume through 188.63 at a later stage.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 166.61; (P) 167.34; (R1) 168.17; More…

Intraday bias in GBP/JPY remains neutral for the moment and more sideway trading could be seen. On the downside, break of 164.02 should resume the whole fall from 172.11 through 163.02 support. Nevertheless, on the upside, break of 168.99 resistance will bring stronger rebound to retest 172.11 high instead.

In the bigger picture, medium term upside momentum has been diminishing as seen in bearish divergence condition in weekly MACD. Sustained break of 55 week EMA (now at 160.90) will argue that it’s already correcting whole up trend from 123.94 (2020 low). Nevertheless, before that, such up trend could still extend through 172.11 high.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 156.15; (P) 156.43; (R1) 156.94; More…

No change in GBP/JPY’s outlook as correction from 158.19 could extend lower. But downside should be contained by 153.66 support to bring rebound. On the upside, break of 158.19 will resume larger up trend from 123.94. Next target will be 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 184.50; (P) 185.22; (R1) 185.89; More…

Intraday bias in GBP/JPY is turned neutral first with today’s recovery. On the upside, decisive break of 186.45 will resume larger up trend to 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20. On the downside, below 184.53 will bring another corrective fall to 183.23 resistance turned support, and possibly below.

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will now remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

GBP/JPY Weekly Outlook

GBP/JPY breached 150.39 last week but could sustain above there. Still, further rise is expected this week as long as 147.38 support holds. Current up trend form 123.94 should target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. On the downside, however, break of 147.38 support should now indicate short term topping. Deeper correction would seen back to 55 day EMA (now at 144.42).

In the bigger picture, rise from 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). With 147.95 resistance taken out, further rally would now be seen to 156.59 resistance (2018 high), Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.

In the longer term picture, the strong break of 55 months EMA (now at 143.95) is a early sign of long term bullish reversal. Firm break of 156.69 resistance should now confirm the start of an up trend for 195.86 (2015 high).

GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.04; (P) 150.51; (R1) 150.96; More…

GBP/JPY is staying in consolidation from 153.39 and intraday bias remains neutral. Downside should be contained by 148.50 support to bring rebound. On the upside, firm break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.