Tue, Aug 11, 2020 @ 15:59 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.24; (P) 147.99; (R1) 148.97; More…

Intraday bias in GBP/JPY remains neutral for the moment. 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.

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 137.87; (P) 138.88; (R1) 139.47; More

GBP/JPY’s recovery failed below 140.60 resistance and drops sharply since then. Break of 137.51 now resumes the choppy decline from 144.77. Intraday bias is back on the downside for medium term fibonacci level at 135.39. We’d look for bottoming around there. But now, break of 140.08 resistance is needed to indicate short term reversal. Otherwise, outlook will remain bearish in case of recovery.

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. Or, sustained break of 50% retracement of 122.36 to 148.42 at 135.39 will turn outlook bearish for a test on 122.36 low. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement of 195.86 to 122.36 at 167.78.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 134.73; (P) 135.29; (R1) 135.63; More…

Break of 135.08 suggests resumption of decline from 148.87. Intraday bias is turned back to the downside for 131.51 low next. On the upside, above 136.05 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 137.78 resistance holds.

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.

- advertisement -

GBP/JPY Weekly Outlook

GBP/JPY stayed in tight range last week but failed to breakout decisively yet. Initial bias remains neutral this week first. On the upside, firm break of 144.52 will turn bias to the upside for retesting 147.95 resistance. On the downside, break of 142.80 minor support will turn bias to the downside. In this case, correction from 147.95 will extend to 38.2% retracement of 126.54 to 147.95 at 139.77.

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.

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 135.47; (P) 136.31; (R1) 136.75; More…

GBP/JPY drops sharply today and break of 135.38 support indicate resumptions of recent fall from 148.87. Intraday bias is back on the downside for 131.51 low next. On the upside, break of 137.78 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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.

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 152.08; (P) 152.40; (R1) 152.94; More…

Intraday bias in GBP/JPY remains on the upside as rebound from 149.40 continues to 153.39 resistance. Break will resume medium term rally. On the downside, below 151.51 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.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

- advertisement -

GBP/JPY Weekly Outlook

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.

- advertisement -

GBP/JPY Daily Outlook

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.

- advertisement -

GBP/JPY Weekly Outlook

GBP/JPY’s recovery from 147.04 extended further to 149.99 last week but lost momentum since then. Initial bias is neutral this week first. Such recovery is seen as a corrective move. Therefore, in case of another rise, 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.

In the longer term picture, the failure to sustain above 55 month EMA (now at 153.94) 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.

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 137.07; (P) 137.43; (R1) 137.74; More…

GBP/JPY weakened after failing to sustain above 4 hour 55 EMA. But downside is contained above 136.55 temporary low. Intraday bias remains neutral first and more consolidation could be seen. 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.

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 151.06; (P) 151.59; (R1) 152.49; More…

GBP/JPY rises to as high as 152.23 so far and met 61.8% retracement of 156.59 to 144.97 at 152.15. Intraday bias remains on the upside for further rally. Nonetheless, for now, price actions from 144.97 are still seen as corrective looking. Hence, we’ll look for sign of loss of upside momentum as it approaches 156.59 high. On the downside, below 150.62 minor support will turn intraday bias neutral first. But break of 148.37 is needed to confirm completion of the rebound. Otherwise, near term outlook will remain cautiously bearish in case of retreat.

In the bigger picture, the outlook is turning mixed again. On the one hand, the cross was rejected by 55 month EMA (now at 154.20) after breaching it briefing. On the other hand, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51. The most likely scenario is that GBP/JPY is turning into a sideway pattern between 143.51 and 156.59. And more range trading would now be seen before a breakout, possibly on the upside.

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 136.22; (P) 136.78; (R1) 137.13; More…

GBP/JPY is staying in consolidation from 135.38 and intraday bias remains neutral. . In case of another rise, upside should be limited by 138.32 resistance to bring fall resumption. On the downside, break of 135.38 will extend recent fall from 148.87 to retest 131.51 low. Though, firm break of 135.38 will confirm short term bottoming and bring stronger rebound to 55 day EMA (now at 139.61) and above.

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.

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 131.38; (P) 132.02; (R1) 132.45; More…

Intraday bias in GBP/JPY remains on the downside as fall from 135.74 is in progress. Corrective rebound from 126.54 should have completed with three waves up to 135.74, after failing to sustain above 38.2% retracement of 148.87 to 126.54 at 135.07. Deeper fall should be seen to retest 126.54 low. On the upside, break of 133.35 will turn intraday bias neutral first.

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).

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 149.27; (P) 149.87; (R1) 150.28; More

Intraday bias in GBP/JPY remains mildly on the upside for retesting 152.82 high. Decisive break there will resume whole medium term rise from 122.36. On the downside, break of 148.13 minor support will turn bias to the downside and extend the correction from 152.82. In that case, we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to bring rebound.

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

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 133.66; (P) 134.86; (R1) 135.91; More…

Intraday bias in GBP/JPY remains on the downside as fall from 139.73 short term top is in progress. Sustained trading below 55 day EMA (now at 134.32) will argue that whole rebound from 123.94 has completed. Fall from 139.73 should then target 129.27 support to confirm this bearish case. On the upside, though, above 136.04 minor resistance will turn bias back to the upside for retesting 139.73 instead.

In the bigger picture, we’re still 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.

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.15; (P) 141.67; (R1) 141.96; More…

Intraday bias in GBP/JPY is turned neutral for consolidation above 141.20 temporary low. In case of stronger recovery, upside should be limited by 143.76 support turned resistance to bring fall resumption. On the downside, break of 141.20 will resume the fall from 148.87 to 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low.

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.

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 149.38; (P) 150.82; (R1) 151.92; More

GBP/JPY’s pull back from 152.82 is still in progress and deeper fall could be seen. But downside of retreat should be contained above 146.57 support to bring another rally. Above 152.82 will extend the larger rise from 122.36 to 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39 next.

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.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.04; (P) 146.42; (R1) 146.84; More….

No change in GBP/JPY’s outlook. With 145.13 minor support intact, further rise is expected to 148.09/42 resistance. Decisive break there will extend whole rally from 122.36 to long term fibonacci level at 150.43 next. On the downside, below 145.13 minor support will turn intraday bias neutral and bring consolidation again before staging another rally.

In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we’d be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 149.55; (P) 150.22; (R1) 150.70; More

At this point, with 149.11 minor support intact, further rise is still mildly in favor in GBP/JPY for 152.82 resistance. Firm break there will confirm resumption of medium term rise from 122.36 and target 163.87 resistance next. On the downside, break of 149.11 minor support will turn bias to the downside and extend the correction from 152.82. In that case, we’d expect strong support from 61.8% retracement of 139.29 to 152.82 at 144.45 to bring rebound.

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

- advertisement -

GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.44; (P) 150.97; (R1) 151.49; More…

GBP/JPY’s corrective fall from 153.39 is still in progress and intraday bias remains neutral. As long as 149.74 support holds, outlook remains bullish in the cross. Break of 153.39 will resume the medium term up trend and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. However, break of 149.74 will dampen our bullish view and turn bias back to the downside for 146.96 key support instead.

In the bigger picture, current development suggests that medium term rise from 122.36 is resuming. Sustained trading above 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 146.96 support 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

- advertisement -
- advertisement -