Daily Pivots: (S1) 181.36; (P) 181.90; (R1) 182.73; More…

GBP/JPY’s recovery from 180.78 extends higher today but stays below 183.34 resistance. Intraday bias remains neutral for the moment, and further decline is still in favor. On the downside, break of 180.78 will resume the fall from 186.75 to 176.29 support next. Nevertheless, firm break of 183.34 will turn bias back to the upside for retesting 186.75 high.

In the bigger picture, fall from 186.75 is currently seen as a corrective move only. As long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper consolidations.

Daily Pivots: (S1) 150.84; (P) 151.74; (R1) 152.38; More…

Intraday bias in GBP/JPY is turned neutral as it retreated after hitting 152.60. On the upside, break of 152.60 will solidify the case that correction from 158.19 has completed with three waves down to 148.94, after defending 148.93 key structural support. Further rally would be seen to 154.70 resistance for confirmation.

In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low). Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower.

Daily Pivots: (S1) 161.62; (P) 162.50; (R1) 163.87; More…

Intraday bias in GBP/JPY remains neutral for the moment, and consolidation pattern from 168.67 might extend. On the upside, above 163.97 will turn bias to the upside, and resume the rebound to 166.31 resistance. Break there will be the first sign of up trend resumption. On the downside, break of 159.42 will extend the correction towards 155.57 support.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 165.23; (P) 165.79; (R1) 166.17; More…

Outlook in GBP/JPY is unchanged and intraday bias stays neutral for the moment. On the upside, decisive break of 168.67 resistance will resume larger up trend. Next near term target is 100% projection of 155.57 to 168.67 from 159.97 at 173.07. On the downside, below 164.45 minor support will turn bias back to the downside for 159.97 support instead.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will now remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 142.75; (P) 143.86; (R1) 145.06; More…

GBP/JPY failed to take out 145.67 and retreated. Intraday bias is turned neutral first. On the upside, break of 145.67 will target 38.2% retracement of 156.59 to 139.88 at 146.26. Decisive break there will be a strong signal that fall from 156.59 has completed at 139.88, ahead of 139.29/47 key support zone. Further rally should then be seen to 149.30 resistance for confirmation. On the downside, though, break of 142.58 will turn focus back to 139.88 low instead.

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).

Daily Pivots: (S1) 132.47; (P) 133.01; (R1) 133.30; More…

Outlook in GBP/JPY is unchanged and intraday bias stays neutral first. 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.

Daily Pivots: (S1) 137.23; (P) 137.61; (R1) 138.01; More…

Further rise is still in favor in GBP/JPY with 135.87 support intact, despite loss of upside momentum. Current rebound from 133.03 could target a test on 142.71 high. On the downside, however, break of 135.87 minor support will argue that rebound from 133.03 has completed. Intraday bias will be turned back to the downside for retesting this support first.

In the bigger picture, rise from 123.94 is seen only 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.

Daily Pivots: (S1) 150.39; (P) 150.90; (R1) 151.91; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, firm break of 148.94 will resume larger fall from 158.19 to 145.10 medium term fibonacci level next. For now, outlook will stay bearish as long as 152.60 resistance holds, in case of stronger recovery.

In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low). Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least

Daily Pivots: (S1) 148.96; (P) 149.43; (R1) 149.83; More

At this point, we’d still expect strong support from 38.2% retracement of 141.17 to 152.82 at 148.36 to contain downside and bring rebound. Above 150.22 minor resistance will turn bias to the upside for retesting 152.82 high. However, firm break of 148.45 will argue that whole rise from 139.39 is completed. In the case, deeper fall should be seen through 55 day EMA (now at 146.27)

In the bigger picture, medium term rebound from 122.36 is in progress. 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.

Daily Pivots: (S1) 164.78; (P) 165.10; (R1) 165.56; More…

Intraday bias in GBP/JPY remains on the upside at this point. Sustained break of 61.8% projection of 150.96 to 164.61 from 159.02 at 167.46 will pave the way to 100% projection at 172.68. On the downside, below 166.13 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93. Sustained break there will be a long term bullish signal, and could pave the way back to 195.86. This will now remain the favored case as long as 150.95 support holds.

GBP/JPY was bounded in choppy sideway trading last week. Outlook is unchanged that corrective pattern from 147.95 is in progress. On the downside, break of 140.92 will target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 144.60 resistance will bring stronger rebound to retest 147.95 high.

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. However, sustained break of 139.31 support will dampen this case and turn medium term outlook neutral first.

In the longer term picture, in spite of the current strong rally, there is no confirmation of long term bullish reversal yet. Focus is now on 156.59 key resistance. As long as it holds, another decline through 122.75 could still be seen. But firm break of 156.69 should at least bring further rally to 61.8% retracement of 195.86 to 122.75 at 167.93.

Daily Pivots: (S1) 145.74; (P) 146.37; (R1) 147.04; More…

Intraday bias in GBP/JPy remains neutral as sideway consolidation from 148.87 might extend. 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.

Daily Pivots: (S1) 148.26; (P) 148.78; (R1) 149.22; More…

GBP/JPY is staying in consolidation from 150.39 and intraday bias remains neutral first. Further rally is expected as long as 146.39 minor support holds. Break of 150.39 will target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. However, firm break of 146.39 will confirm short term topping, and bring deeper pull back to 55 day EMA (now at 143.78).

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.

GBP/JPY’s rebound from 126.54 resumed last week and accelerated to as high as 137.89. Current development argues that such rise is the third leg of a long term consolidation pattern. Initial bias stays on the upside this week for 61.8% retracement of 148.84 to 126.54 at 140.33. Firm break there will pave the way to 148.87 resistance next. On the downside, below 136.46 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

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.

In the longer term picture, price actions from 122.75 (2016 low) are seen as developing into a consolidation pattern. That is, long term down trend from 195.86 (2015 high) and that from 251.09 (2007 high) are still in favor to extend through 116.83 (2011 low). We’ll hold on to this bearish view as long as 156.59 key resistance holds.

Daily Pivots: (S1) 145.64; (P) 146.23; (R1) 146.64; More…

GBP/JPY’s retreat from 147.95 extends lower today but intraday bias remains neutral first. Downside is still expected to be contained above 142.47 support to bring rise resumption. On the upside, above 147.95 will target 148.87 structural resistance first. Break will target 156.59 key resistance next. However, break of 142.47 will indicate short term topping and bring deeper pull back to 139.31 support.

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.

Daily Pivots: (S1) 157.14; (P) 157.82; (R1) 159.15; More…

Intraday bias in GBP/JPY remains neutral for the moment. Risk will stay on the downside as long as 162.16 minor resistance holds, as correction from 168.40 could extend. On the downside, below 155.57 will target 150.95 key structural support next.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will now remain the favored case as long as 150.95 support holds, even in case of deep pull back. However, firm break of 150.95 will indicate rejection by 167.93, and bearish trend reversal.

Daily Pivots: (S1) 150.90; (P) 151.33; (R1) 151.88; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. The cross is now pressing 100% projection of 123.94 to 142.71 from 133.03 at 151.80 and channel resistance. Firm break of 150.43 minor support will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned to the downside for correction to 55 day EMA (now at 146.16). Nevertheless, sustained trading above 151.80 will indicate upside acceleration. Next target is key resistance at 156.59.

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.

Daily Pivots: (S1) 134.28; (P) 134.84; (R1) 135.14; More…

GBP/JPY’s break of 133.85 indicates resumption of whole decline from 148.87. Intraday bias is back on the downside for 131.51 low next. On the upside, break of 135.66 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, 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.

Daily Pivots: (S1) 150.07; (P) 150.78; (R1) 152.09; More…

Intraday bias in GBP/JPY is mildly on the upside for 152.82 resistance first. Sustained break there will argue that whole consolidative pattern from 156.05 has completed and bring retest of this high. On the downside, decisive break of 148.43/149.16 key support zone will resume whole fall from 156.05 to 143.78 fibonacci level.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 138.76; (P) 139.75; (R1) 140.30; More…

Intraday bias in GBP/JPY remains on the downside for 136.44 support and below. Current decline from 144.77 is seen as the third leg of consolidation pattern from 148.42. Hence, we’d expect strong support from 50% retracement of 122.36 to 148.42 at 135.39 to contain downside and bring rebound. On the upside, above 141.96 minor resistance will turn bias back to the upside. However, sustained trading below 135.39 will argue that whole rise from 122.36 is completed and will turn outlook bearish.

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.

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