Tue, Jul 14, 2020 @ 10:13 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.74; (P) 147.38; (R1) 147.73; More

With 149.73 minor resistance intact, fall from 152.82 is expected to continue to 61.8% retracement of 139.29 to 152.82 at 144.45. Such decline is seen as a correction and we’d look for strong support from 144.45 to bring rebound. On the upside, break of 149.73 support turned resistance will argue that the pull back is completed and turn bias back to the upside for retesting 152.82 high. However, sustained break of 144.45 will put 139.29 key support in focus.

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) 128.42; (P) 129.24; (R1) 130.38; More

Intraday bias in GBP/JPY remains neutral for consolidation above 128.11. Some more consolidations could be seen but upside should be limited below 133.85 support turned resistance to bring fall resumption. On the downside, break of 128.10 will target 122.36 low next.

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).

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 148.15; (P) 148.58; (R1) 149.36; More…

Intraday bias in GBP/JPY remains neutral at this point. Consolidation from 149.70 could extend with another fall. But after all, further rise is still expected as long as 145.67 resistance turned support holds. Break of 149.70 will target 153.84/156.69 resistance zone. However, break of 145.67 will suggests that the rebound from 139.88 has completed and turn near term outlook bearish again.

In the bigger picture, current development suggests that GBP/JPY has successfully defended 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). And, the rally from 122.36 (2016 low) is still intact. Such medium to long term rise would extend through 156.96 high. This will now be the preferred case as long as 145.67 near term support holds. However, break of 145.67 will turn focus back to 139.29/47 key support zone.

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GBP/JPY Weekly Outlook

GBP/JPY rebounded last week and breached 146.46 minor resistance. But momentum was rather unconvincing. Initial bias stays neutral this week first. On the downside, below 144.37 will target 143.18 first. Break will resume larger decline from 156.59 and target 139.25/47 cluster support level. However, break of 148.10 will resume the rebound from 143.18 and that will also be the first sign of near term reversal.

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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.83) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.26 is in favor to extend to 50% retracement of 195.86 (2015high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.40; (P) 143.97; (R1) 144.68; More…

GBP/JPY recovered ahead of 142.76 but upside was limited below 4 hour 55 EMA. Further decline is still expected. Sustained break of 142.76 will pave the way to 139.29/47 key support zone. On the upside, break of 145.51 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain cautiously bearish even in case of another recovery.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 129.23; (P) 129.97; (R1) 131.17; More…

Intraday bias in GBP/JPY remains mildly on the upside. Recovery from 126.54 short term bottom would target 4 hour EMA (now at 133.21). Upside should be limited by 38.2% retracement of 148.87 to 126.54 at 135.07 to bring down trend resumption. On the downside, break of 128.75 minor support will turn intraday bias back to the downside for retesting 126.54 instead.

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).

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GBP/JPY Weekly Outlook

GBP/JPY’s pull back from 148.09 extended to 143.34 last week. But the cross drew support from 38.2% retracement of 135.58 to 148.09 at 143.31 and recovered. Initial bias is neutral this week first. On the upside, above 145.78 will turn bias back to the upside for retesting 148.09 first. Meanwhile, break of 143.34 will extend the pull back from 148.09 to 61.8% retracement at 140.35. Overall, we’d still expect the rise from 122.36 to resume after pull back from 148.09 completes. Break of 148.09 will target 150.42 long term fibonacci level first.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

In the longer term picture, based on the impulsive structure of the decline from 195.86 to 122.36, such fall should not be completed yet. But we will now pay close attention to the structure of the rise from 122.36 to determine whether it’s a corrective move, or an impulsive move. That would decide whether a break of 116.83 low would be seen.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

GBP/JPY Weekly Chart

GBP/JPY Monthly Chart

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GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 148.80; (P) 149.30; (R1) 149.78; More…

GBP/JPY’s fall resumed from 156.59 by breaking 147.95 support. Intraday bias is turned back to the downside. Current fall should target 146.96 support next. Considering bearish divergence condition in daily MACD, firm break of 146.96 will be another sign of medium term trend reversal. On the upside, break of 150.92 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, the case for medium term reversal continues to build up on loss of medium term momentum as seen in weekly MACD. Also, firm break of 146.96 will indicate rejection by 55 month EMA (now at 154.60) and add to that case of reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43. Meanwhile, break of 156.59 will extend the rise from 122.36 to 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) 139.56; (P) 140.12; (R1) 141.10; More

Intraday bias in GBP/JPY remains neutral for the moment with a temporary low in place at 136.44. Deeper decline is still expected with 142.16 support turned resistance intact. Whole corrective rise from 122.36 could have completed at 148.42. Below 136.44 will target 61.8% retracement of 122.36 to 148.42 at 132.31 and below. Though, above 142.16 will turn focus back to 148.42 high instead.

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 by 38.2% retracement of 195.86 to 122.36 at 150.4 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.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 136.60; (P) 136.87; (R1) 137.11; More…

No change in GBP/JPY’s outlook and intraday bias remains on the downside. Current fall from 148.87 is in progress for retesting 131.51 low. On the upside, break of 137.87 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY medium term fall from 156.59 (2018 high) is still in progress. Break of 131.51 will target 122.36 (2016 low). Structure of such decline is corrective looking so far, arguing that it’s just the second leg of consolidation from 122.36. Thus, we’d expect strong support from 122.36 to contain downside to bring reversal.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 140.36; (P) 140.76; (R1) 141.31; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 139.88 temporary low. But as long as 142.46 minor resistance intact, , deeper fall is still in favor. Sustained break of 139.29/47 key support zone will carry larger bearish implication and target 135.58 support next. Though, break of 142.46 will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for stronger rebound.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate 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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GBP/JPY Daily Outlook

Daily Pivots: (S1) 139.52; (P) 139.97; (R1) 140.86; More…

GBP/JPY is staying in consolidation from 141.50 and intraday bias remains neutral. Deeper retreat could be seen but downside should be contained by 135.74 resistance turned support. On the upside, above 141.50 will resume the rise from 126.54 for 148.87 key resistance.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is still in progress with rise from 126.54 as the third leg. Further rise should be seen back to 148.87/156.59 resistance zone. For now, we’d expect strong resistance from there to limit upside. And, this will remain the favored case as long as 130.42 support holds.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.12; (P) 141.49; (R1) 142.14; More

GBP/JPY is trading in range of 138.53/142.79 and intraday bias stays neutral for the moment. Overall, price actions from 148.42 are seen as a corrective pattern. Below 138.53 will bring deeper fall, possibly through 136.44 support. But strong support could be seen at 50% retracement of 122.36 to 148.42 at 135.39 to bring rebound. 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) 145.84; (P) 146.33; (R1) 146.65; More…

No change in GBP/JPY’s outlook as consolidation from 148.87 is extending. Intraday bias remains neutral and more sideway trading could be seen. For now, further rise remains in favor as long as 143.72 support holds. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next. However, on the downside, sustained 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) 146.38; (P) 146.75; (R1) 147.45; More…

GBP/JPY’s rebound from 143.18 extended higher and break of 147.04 support turned resistance suggests that fall from 153.84 has completed at 143.18 already. Intraday bias is on the upside for 149.99 resistance first. Break will target 153.84 key near term resistance next. On the downside, break of 145.82 minor support will argue that the rebound is completed and bring retest of 143.18 low.

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) 144.28; (P) 144.80; (R1) 145.18; More…

With 145.99 minor resistance intact, intraday bias in GBP/JPY remains on the downside for 142.76 support. Sustained break there will bring retest of 139.39/47 key support zone. On the upside, above 145.99 support turned resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

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GBP/JPY Daily Outlook

Daily Pivots: (S1) 138.02; (P) 138.47; (R1) 139.34; More…

GBP/JPY’s rebound from 131.51 short term bottom is still in progress and intraday bias stays mildly on the upside. We’d expect strong resistance from 139.88 key resistance to limit upside. On the downside, break of 136.61 minor support will turn bias to the downside for retesting 131.51 low. Overall, larger down trend from 155.59 is expected to resume later after the consolidation completes.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 already. That came after failing to break through 55 month EMA. Fall from 156.59 (2018 high) is seen as resuming the long term down trend from 195.86 (2015 high). Below 131.51 will target 122.36 low first. Break of 122.36 will target 116.83 low first (2011 low). And this will now remain the preferred case as long as 139.88 support turned resistance holds. Sustained break of 139.88 will mix up the outlook and we’ll reassess on the final structure of the rebound from 131.51.

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GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 147.74; (P) 148.44; (R1) 149.15; More….

While GBP/JPY’s corrective rise from 144.97 might extend, upside should be limited by 150.92 (50% retracement of 156.59 to 144.97 at 150.78) to bring fall resumption eventually. Below 146.34 minor support will suggest that the recovery has completed. Intraday bias will then be turned back to the downside for 144.97 first. Break 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) 144.45; (P) 144.87; (R1) 145.12; More…

Intraday bias remains neutral and near term outlook stays bearish in GBP/JPY with 145.99 resistance intact. On the downside, break of 144.02 will resume the fall from 149.48 and target 139.39/47 key support zone. On the upside, above 145.99 support turned resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

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GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 147.23; (P) 147.73; (R1) 148.22; More….

GBP/JPY’s rebound from 144.97 resumes today by breaking 149.36 and hits as high as 149.67 so far. Intraday bias is mildly on the upside for further rally. Nonetheless, such rebound is viewed as a corrective move. Hence, we’d expect strong resistance from 150.92 (50% retracement of 156.59 to 144.97 at 150.78) to bring fall resumption. On the downside, below 147.03 will bring retest of 144.97 low first. Break will extend the decline from 156.59 to 143.51 medium term fibonacci level next. However, sustained break of 150.92 will 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.

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