Daily Pivots: (S1) 126.63; (P) 127.07; (R1) 127.60; More…

Intraday bias in GBP/JPY is turned neutral with the strong recovery in early US session. For now, as long as 130.06 minor resistance holds, further decline is still expected. Break of 126.54 will extend larger down trend to 122.36 low. However, break of 130.06 will indicate short term bottoming. Stronger rebound should be seen to 55 day EMA (now at 134.55).

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).

Daily Pivots: (S1) 161.08; (P) 161.52; (R1) 162.37; More…

Intraday bias in GBP/JPY is back on the upside with break of 163.91. Further rise should be seen to 166.31 resistance next. Firm break there will argue that larger up trend is ready to resume through 168.67 high. On the downside, below 162.47 minor support will turn intraday bias neutral and extend the corrective pattern from 168.67.

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) 133.75; (P) 134.32; (R1) 134.92; More…

With 132.40 minor support intact, rebound from 123.94 could extend higher. But upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92. On the downside, break of 132.40 minor support will turn bias to the downside for retesting 123.94 low. However, sustained break of 136.92 will raise the chance of trend reversal and turn focus to 144.95 resistance.

In the bigger picture, current development suggests that 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) 160.72; (P) 161.61; (R1) 162.17; More…

GBP/JPY’s fall continues today and breaks through 160.37 support. Intraday bias stays on the downside. Deeper decline would be seen to 162.67 support next. On the upside, above 162.20 minor resistance will turn intraday bias neutral and bring consolidations first.

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) 153.38; (P) 153.73; (R1) 154.03; More…

GBP/JPY’s fall from 158.19 resumes by breaking 152.35 support and intraday bias is back on the downside. Deeper fall would be seen back to 148.93 key support. On the upside, break of 154.70 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will stay bearish in case of recovery.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Further rally is still expected as long as 148.93 support holds. However, firm break of 148.93 will argue that the medium term trend has reversed and bring deeper fall back to 142.71 resistance turned support first.

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.

GBP/JPY’s decline last week argues that rebound from 126.54 has completed at 135.74, after failing to sustain above 38.2% retracement of 148.87 to 126.54 at 135.07. Initial bias stays on the downside this week for retesting 126.54 low. On the upside, break of 133.35 will turn intraday bias neutral first and turn focus back to 135.74 resistance.

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.

Daily Pivots: (S1) 149.62; (P) 150.63; (R1) 151.51; More…

Intraday bias in GBP/JPY is turned neutral with current recovery. On the downside, break of 149.70 will resume the fall from 158.19 to 100% projection of 158.19 to 152.35 from 154.70 at 148.86 next, which is close to 148.93 key structural support. Decisive break there will carry larger bearish implication and target 161.8% projection at 145.25 next.

In the bigger picture, the break of medium term channel support, and bearish divergence condition in week MACD are raising the chance of medium term topping at 158.19. Firm break of 148.93 support will argue that GBP/JPY is at least correcting the whole rise from 123.94 (2020 low). In this case, deeper fall would be seen to 38.2% retracement of 123.94 to 158.19 at 145.10. Nevertheless, strong rebound from 148.93 will retain medium term bullishness for another rise through 158.19 at a later stage.

Daily Pivots: (S1) 165.40; (P) 166.15; (R1) 167.09; More…

GBP/JPY’s decline from 172.11 resumed by breaking through 163.02 support decisively. Intraday bias stays on the downside for 100% projection of 172.11 to 163.02 from 169.26 at 160.17. Firm break there will target 161.8% projection at 154.55 next. For now, outlook will stay bearish as long as 164.02 support turned resistance holds, in case of recovery.

In the bigger picture, sustained break of 55 week EMA (now at 161.26) will confirm medium term topping at 172.11, on bearish divergence condition in weekly MACD. Fall from 172.11 should be correcting whole up trend from 123.94 (2020 low). Deeper decline should be seen to 38.2% retracement of 123.94 to 172.11 at 153.70 and possibly below. This will now remain the favored case as long as 55 day EMA (now at 166.11) holds.

Daily Pivots: (S1) 181.91; (P) 182.81; (R1) 183.48; More…

Intraday bias in GBP/JPY is turned neutral first with current retreat. But further rise is expected as long as 179.90 support holds. Above 183.74 will resume larger up trend to 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36 next. On the downside, however, break of 179.90 support will confirm short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target is 195.86 (2015 high). For now, medium term outlook will remain bullish as long as 172.11 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 149.62; (P) 150.36; (R1) 150.82; More…

Intraday bias in GBP/JPY remains neutral for the moment. In case of deeper fall, downside should be contained by 148.50 support to bring rebound. On the upside, break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next. However, firm break of 148.50 will bring deeper correction to channel support (now at 142.87).

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) 132.66; (P) 133.33; (R1) 134.04; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 131.68 temporary low. As long as 136.34 resistance holds, further decline is still expected. On the downside, below 131.68 will extend the fall from1 39.73 to 129.27 support. Decisive break there will confirm completion of rebound from 123.94. Deeper fall would be seen to retest 123.94 low.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) are seen 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.

Daily Pivots: (S1) 187.43; (P) 188.05; (R1) 188.98; More…

Further rise is expected in GBP/JPY with 187.08 minor support intact. Current rally should target 61.8% projection of 180.74 to 188.26 from 184.44 at 189.08 first. Break will target 100% projection at 191.96 next. On the downside, below 187.08 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

In the bigger picture, as long as 184.44 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 184.44 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.

Daily Pivots: (S1) 152.16; (P) 152.56; (R1) 153.17; More…

GBP/JPY’s rise rebound is still in progress for 153.39 resistance. Decisive break there will resume medium term rally On the downside, below 151.74 minor support will extend the corrective pattern with another fall through 149.40 before completion.

In the bigger picture, outlook is mixed up a bit with last week’s sharp decline. But still, 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 the corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.

Daily Pivots: (S1) 136.67; (P) 137.21; (R1) 137.97; More…

GBP/JPY’s decline from 147.95 accelerates to as low as 132.92 so far. 61.8% retracement of 126.54 to 147.95 from 134.71 is already met and there is no sign of bottoming yet. Intraday bias remains on the downside and sustained trading below 134.71 will pave the way back to 126.54 low. On the upside, break of 138.68 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, rejection by 148.87 resistance argues that rise from 126.54 is probably just 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.

Daily Pivots: (S1) 186.64; (P) 187.32; (R1) 187.82; More…

Intraday bias in GBP/JPY is now on the downside with break of 55 4H EMA. Deeper decline is underway to 183.79 resistance turned support. Rebound from there would retain near term bullishness for another rise through 188.26 later. However, firm break of 183.79 will indicate that larger correction is underway.

In the bigger picture, as long as 178.02 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). For now, outlook will stay bullish as long as 183.79 resistance turned support holds, in case of deep pullback.

Daily Pivots: (S1) 142.76; (P) 143.49; (R1) 143.95; More…

GBP/JPY’s decline extends to as low as 142.22 so far. Intraday bias remains on the downside for further decline. As noted before, whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Sustained break of 38.2% retracement of 131.51 to 148.87 at 142.23 will target 61.8% retracement at 138.14. On the upside, above 143.76 minor resistance will turn bias neutral and bring consolidation, before staging another fall.

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.

Daily Pivots: (S1) 142.35; (P) 143.32; (R1) 143.89; More…

GBP/JPY drops to as low as 142.33 so far today. Intraday bias remains on the downside. Current decline from 156.59 should target 139.29/47 key support level. On the upside, above 143.26 minor resistance will turn bias neutral and bring consolidation. But recovery should be limited by 145.25 support turned resistance to bring fall resumption.

In the bigger picture, decline from 156.59 is seen as a corrective move. In case of deeper 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. However, sustained break of 139.29/47 will confirm medium term reversal and turn outlook bearish for 122.36 (2016 low) again.

Daily Pivots: (S1) 132.98; (P) 133.85; (R1) 135.58; More…

Intraday bias in GBP/JPY remains mildly on the upside as corrective rise from 123.94 is in progress. Upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring fall resumption. On the downside, break of 129.85 minor support will bring retest of 123.94 low first. However, sustained break of 136.92 will raise the chance of trend reversal and turn focus to 144.95 resistance.

In the bigger picture, current development suggests that 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) 141.58; (P) 142.02; (R1) 142.76; More…

GBP/JPY’s break of 142.23 suggests rise resumption. Focus is now on 142.71 key resistance. Decisive break there will resume whole rise from 123.94 for 147.95 key resistance next. On the downside, though, considering bearish divergence condition in 4 hour MACD, break of 141.26 will confirm short term topping at 142.34, and rejection by 142.71. Intraday will will be turned back to the downside for 139.96 support next.

In the bigger picture, rise from 123.94 is 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.