GBP/JPY Daily Outlook

Daily Pivots: (S1) 130.49; (P) 131.14; (R1) 131.59; More…

GBP/JPY is staying in consolidation from 129.27 and intraday bias remains neutral at this point. As long as 133.18 resistance holds, further decline remains in favor. Break of 129.27 will target 61.8% retracement of 123.94 to 135.74 at 128.44. Firm break there will target a test on 123.94 low. However, break of 133.18 will invalidate our bearish view and turn bias back to the upside for 135.74 resistance.

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) 182.14; (P) 182.87; (R1) 183.45; More…

Intraday bias in GBP/JPY stays neutral for the moment. On the downside, break of 181.66 minor support will suggest that rebound from 178.58 has completed. Intraday bias will be back to the downside for retesting 178.58 low. Overall outlook will stay bearish as long as 184.44 support turned resistance support turned resistance holds.

In the bigger picture, while a medium term top is in place at 188.63, there is no clear sign of long term bearish trend reversal yet. As long as 55 W EMA (now at 175.67) holds, price actions from 188.63 are seen as a corrective move only. Larger up trend from 123.94 (2022 low) could resume at a later stage.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.01; (P) 147.70; (R1) 148.39; More…

Intraday bias in GBP/JPY remains neutral first and some more consolidations could be seen. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next. On the downside, though, break of 143.72 support will indicate near term reversal and turn outlook bearish for 141.00 support.

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 in 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 149.48 will pave the way to 156.59 resistance and above. However, firm break of 141.00 support will dampen this view and turn focus back to 131.51 low instead.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.67; (P) 142.39; (R1) 143.65; More…

Outlook in GBP/JPY remains unchanged and intraday bias remains neutral. In case of another fall, we’d 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.

GBP/JPY Weekly Outlook

GBP/JPY’s sharp decline last week dampened our original bullish view. Initial bias stays on the downside this week. Fall from 158.19 would target 148.93 key support level. On the upside, though, break of 156.22 resistance will revive near term bullishness and target 158.19 high instead.

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.

In the longer term picture, GBP/JPY could have set up a long term up trend already with break of 156.69 resistance, and the stay above 55 month EMA. Current rise from 122.75 could target a test on 195.86 (2015 high).

GBP/JPY Daily Outlook

Daily Pivots: (S1) 144.80; (P) 145.57; (R1) 146.74; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 148.87 is in progress. For now, as long as 143.72 support holds, further rise is in favor. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next. However. 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 now 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.

GBP/JPY Weekly Outlook

GBP/JPY’s up trend resumed last week by breaking through 188.26. Initial bias stays on the upside this week for 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.

In the longer term picture, rise from 122.75 (2016 low) in still in progress but started losing upside momentum as seen in W MACD. Further rise will remain in favor, though, as long as 178.02 support holds, to retest 195.86 (2015 high).

GBP/JPY Daily Outlook

Daily Pivots: (S1) 138.33; (P) 138.83; (R1) 139.80; More…

GBP/JPY’s break of 138.86 minor resistance suggest that pull back from 140.31 has completed at 137.19. Intraday bias is back on the upside for 140.31 first. Firm break there will resume whole rebound from 133.03 for retesting 142.71 resistance next. On the downside, break of 137.19 minor support will turn bias back to the downside for 134.40 support instead.

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.

GBP/JPY Weekly Outlook

GBP/JPY rose further to 148.09 last week but lost momentum ahead of 148.42 resistance. Considering bearish divergence condition in 4 hour MACD, a short term top is in place. Initial bias is neutral this week for more consolidation. Deeper pull back might be seen. But in that case, downside should be contained by 38.2% retracement of 135.58 to 148.09 at 143.31 and bring rise resumption. Break of 148.42 will target 150.42 long term fibonacci level first. Break there will pave the way to 100% projection of 122.36 to 148.42 from 135.58 at 161.64.

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

GBP/JPY Daily Outlook

Daily Pivots: (S1) 158.92; (P) 159.61; (R1) 160.82; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, break of 155.57 will extend the correction towards 150.96 key structural support. Nevertheless, on the upside, firm break of 162.16 will indicate that the correction has completed, and bring retest of 168.40 high 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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 128.50; (P) 129.06; (R1) 129.86; More…

Intraday bias in GBP/JPY remains neutral at this point and consolidation from 126.54 might extend. But outlook remains bearish with 130.06 minor resistance intact. On the downside, 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 133.58).

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).

GBP/JPY Daily Outlook

Daily Pivots: (S1) 148.72; (P) 149.43; (R1) 149.90; More…

Intraday bias in GBP/JPY remains on the downside with focus on 148.43/149.16 key support zone. Decisive break there will resume whole fall from 156.05 to 143.78 fibonacci level. On the upside, above 150.80 minor resistance will turn intraday bias back to the upside for 152.82 resistance instead.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 151.77; (P) 152.66; (R1) 153.40; More…

No change in GBP/JPY’s outlook. As long as 151.74 minor support holds, further rally is in favor. Current rise should target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. However, firm break of 151.74 will turn focus back to 149.40 support instead.

In the bigger picture, it now looks like GBP/JPY has finally taken out 38.2% retracement of 195.86 to 122.36 at 150.43. Medium term rise from 122.36 should be targeting 61.8% retracement at 167.78. This will now be the favored case as long as 146.96 support remains intact.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

GBP/JPY Daily Outlook

Daily Pivots: (S1) 148.74; (P) 149.20; (R1) 149.59; More…

Intraday bias in GBP/JPY remains neutral at this point. Corrective recovery from 147.04 could still extend higher. But upside should be limited below 150.60 support turned resistance to bring decline resumption. On the downside, break of 148.16 will turn bias to the downside for 147.04 and then 144.97. Decisive break of 144.97 will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we’re treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, 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. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 128.85; (P) 129.26; (R1) 129.63; More…

GBP/JPY’s rebound from 126.54 extends higher and break of 130.06 suggests short term bottoming. Intraday bias is back on the upside for 55 day EMA (now at 133.28). 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).

GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.20; (P) 141.96; (R1) 142.58; More…

A temporary top is formed at 142.71 with current retreat. Intraday bias is turned neutral for some consolidation. But further rise is expected as long as 138.24 support holds. Break of 142.71 will target 161.8% projection of 123.94 to 135.74 from 129.27 at 148.36.

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) 186.40; (P) 187.27; (R1) 188.65; More

Intraday bias in GBP/JPY remains on the upside for retesting 188.63 high. Firm break there will confirm larger up trend resumption. On the downside, below 186.33 minor support will turn intraday bias neutral and bring consolidations first. But further rally is expected as long as 184.15 resistance turned support holds.

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. Next target will be 195.86 long term resistance.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 144.19; (P) 145.93; (R1) 147.27; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, break of 148.75 will resume rebound from 131.51 and target 149.48 key resistance next. On the downside, break of 143.72 will resume the pull back from 148.57 to 141.00 support.

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 in 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 149.48 will pave the way to 156.59 resistance and above. However, firm break of 141.00 support will dampen this view and turn focus back to 131.51 low instead.

GBP/JPY Weekly Outlook

GBP/JPY’s strong rebound from 150.95 accelerated further higher last week. The development suggests that corrective pattern from 158.19 has completed with three waves to 150.95 already. Initial bias remains on the upside this week for 158.04/19 resistance. Decisive break there will resume larger up trend. On the downside, below 155.43 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 5 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.

In the longer term picture, as long as 55 month EMA (now at 147.27) 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).

GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.11 (P) 145.81; (R1) 146.43; More…

Intraday bias in GBP/JPY stays neutral as range trading continues. On the upside, break of 146.63 will target a test on 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.