Daily Pivots: (S1) 148.80; (P) 150.22; (R1) 151.09; More…

GBP/JPY’s fall from 156.05 resumed by breaking 150.64 and hit as low as 149.30 so far. Intraday bias is back on the downside for 38.2% retracement of 136.96 to 156.05 at 148.75. We’d continue to look for strong support from there to bring rebound. But sustained break there will argue that it’s corrective whole up trend from 123.94, and target 142.71 resistance turned support next. On the upside, above 150.64 resistance will turn intraday bias neutral first.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains 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, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

Daily Pivots: (S1) 136.65; (P) 137.79; (R1) 139.80; More…

GBP/JPY’s rise from 133.03 is still in progress. Intraday bias stays on the upside for 161.8% projection of 133.03 to 137.83 from 134.40 at 142.16, which is close to 142.71 high. On the downside, firm break of 137.83 resistance turned support is now needed to indicate completion of the rebound. Otherwise, further rise will remain in favor even in case of retreat.

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) 141.44; (P) 142.12; (R1) 143.38; More…

GBP/JPY recovered after dipping to 140.83. Intraday bias is turned neutral first. In case of another fall, we’d still expect strong support from 139.31/77 (38.2% retracement of 126.54 to 147.95 at 139.77) to bring rebound. On the upside, above 144.36 will bring retest of 147.95 resistance. However, sustained break of 139.77 will pave the way to 61.8% retracement at 134.71.

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.

Daily Pivots: (S1) 145.72 (P) 146.04; (R1) 146.53; More…

GBP/JPY is still staying below 146.63 minor resistance despite rally attempt. Intraday bias remains neutral at this point. On the upside, break of 146.63 will turn bias to the upside for 148.10 resistance first. Decisive break there will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

GBP/JPY gyrated lower last week but downside was contained above 140.62 support so far. Initial bias remains neutral this week first and outlook is unchanged. On the upside, above 144.84 will extend the rebound from 131.51. But we’d expect strong resistance from trend line (now at 146.93) to limit upside, at least on first attempt. On the downside, firm break of 140.62 will suggest completion of the rebound and turn bias to the downside.

In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline is turn argues that it’s the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.38 will pave the way to 156.59 resistance and above.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

Daily Pivots: (S1) 137.16; (P) 137.50; (R1) 138.20; More…

Despite relatively weak upside momentum as seen in 4 hour MACD, further rise is still in favor in GBP/JPY as long as 135.87 minor support holds. 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) 160.22; (P) 160.58; (R1) 160.97; More…

GBP/JPY declined again after rejection by 4 hour 55 EMA, but stays above 158.57 support. Intraday bias remains neutral first and further decline is expected. On the downside, firm break of 158.57 will target 161.8% projection of 172.11 to 163.02 from 169.26 at 154.55 next. However, break of 162.32 resistance will turn bias to the upside for stronger rebound.

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) 182.86 (P) 183.31; (R1) 184.12; More…

Intraday bias in GBP/JPY stays on the upside for the moment. Pull back from 186.75 should have completed 178.02 already. Stronger rally would be seen back to 185.67/186.75 resistance zone. However, below 181.53 minor support will mix up the outlook and turn intraday bias neutral first.

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) 137.41; (P) 137.83; (R1) 138.11; More…

GBP/JPY is still staying in consolidation from 136.55 and intraday bias remains neutral. In case of another rise, upside should be limited by 38.2% retracement of 146.50 to 136.55 at 140.35 to bring fall resumption. On the downside, break of 136.55 will turn bias to the downside and extend the fall from 148.87 to 131.51 low.

In the bigger picture, current development suggests that GBP/JPY’s 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) 144.46; (P) 145.15; (R1) 145.76; More…

GBP/JPY is still bounded in range of 144.02/145.99 as consolidation continues. Intraday bias remains neutral first. As long as 145.99 resistance holds, further decline is mildly in favor. 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.

GBP/JPY retreated last week as price actions from 144.84 developed into consolidation pattern. Initial bias remains neutral this week first. Further rise is expected as long as 140.62 minor support holds. Break of 144.82 will resume the rebound from 131.51 to trendline resistance at around 147.23. We’d expect strong resistance from there to limit upside, at least on first attempt. On the downside, firm break of 140.62 will suggest completion of the rebound and turn bias to the downside.

In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline is turn argues that it’s the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.38 will pave the way to 156.59 resistance and above.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. On the downside, break of 131.51 support will bring 122.26 low back into focus.

Daily Pivots: (S1) 186.95; (P) 187.63; (R1) 188.13; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 188.90 is extending. Further rally is expected as long as 186.14 support holds. Break of 188.90, and sustained trading above 188.63, will confirm up trend resumption. Next target is 38.2% projection of 155.33 to 188.63 from 178.32 at 191.04. However, break of 186.14 will turn bias to the downside for deeper pullback.

In the bigger picture, up trend from 123.94 (2020 low) in in progress. Medium term outlook will stay bullish as long as 178.32 support holds. Next target is 195.86 long term resistance (2015 high).

Daily Pivots: (S1) 134.42; (P) 134.85; (R1) 135.19; More…

No change in GBP/JPY’s outlook despite loss of upside momentum as seen in 4 hour MACD. Further rise cannot be ruled out 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) 145.27; (P) 146.58; (R1) 147.34; More…

GBP/JPY drops to as low as 145.81 so far and focus is now on 145.67 resistance turned support. Decisive break there will suggests that whole rebound form 139.88 has completed. In that case, near term outlook will be turned bearish for 139.88 low again. On the upside, though, above 147.17 minor resistance will reaffirm the case that price actions from 149.70 are merely corrective. And intraday bias will be turned back to the upside for retesting 149.70.

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.

Daily Pivots: (S1) 136.65; (P) 137.79; (R1) 139.80; More…

Intraday bias in GBP/JPY remains on the upside at this point. Rebound from 133.03 is extending to 100% projection of 133.03 to 137.83 from 134.40 at 139.20 first. Break will target 161.8% projection at 142.16, which is close to 142.71 high. On the downside, however, below 136.60 minor support will turn intraday bias neutral again.

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.

GBP/JPY rebounded to 152.60 last week but retreated sharply since then. Initial bias is neutral this week first. On the downside, sustained break of 148.93 support will resume the fall from 158.19 to 145.10 medium term fibonacci level next. On the upside, though, break of 152.60 resistance will bring stronger rebound to 154.70 resistance instead.

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.

In the longer term picture, as long as 55 month EMA (now at 146.38) holds, we’d still favor more rally to 61.8% retracement of 195.86 to 122.75 at 167.93. But sustained trading below 55 month EMA will at least neutralize medium term bullishness and re-open the chance of revisiting 122.75 low (2016 low).

Daily Pivots: (S1) 156.63; (P) 157.08; (R1) 157.77; More…

Intraday bias in GBP/JPY remains on the upside with focus on 158.19 resistance. Decisive break there will confirm resumption of whole up trend from 123.94. Next target is 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, below 156.32 minor support will delay the bullish case and turn intraday bias neutral first.

In the bigger picture, up trend from 123.94 (2020 low) should still be in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 to 122.75 at 167.93. This will now remain the favored case as long as 148.94 support holds.

Daily Pivots: (S1) 145.33 (P) 145.86; (R1) 146.44; More…

GBP/JPY remains bounded in range of 143.76/146.63 and intraday bias remains neutral. Break of 146.63 will turn bias to the upside for 148.10 resistance first. Decisive break there will be a strong signal of near term reversal. Further rally would be seen to 149.99 resistance for confirmation. On the downside, break of 148.13 will extend the fall from 156.59 for 139.25/47 cluster support level.

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.

Daily Pivots: (S1) 146.16; (P) 147.43; (R1) 148.87; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 145.99 should confirm completion of rebound from 142.76. And in that case, deeper fall should be seen back to 142.76 and possibly below. On the upside, decisive break of 149.70 will resume whole rise from 139.88 and target 153.84/156.59 resistance zone.

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.

Daily Pivots: (S1) 139.84; (P) 140.15; (R1) 140.69; More…

With today’s strong rally, focus is now on 141.50 resistance in GBP/JPY. Decisive break there will confirm resumption of rise from 126.54. Intraday bias will be turned to the upside for trend line resistance (now at 144.09). For now, near term outlook will remain bullish as long as 139.36 support holds. However, break of 139.36 will turn bias to the downside for deeper pull back to 135.74 resistance turned support.

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 135.74 resistance turned support holds.