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.

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.

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.

Daily Pivots: (S1) 163.78; (P) 164.25; (R1) 164.84; More…

GBP/JPY’s break of 165.26 minor resistance suggests that consolidation from 168.67 has completed at 160.37. Intraday bias is back on the upside for retesting 168.67 high. Firm break there will resume larger up trend. On the downside, below 163.54 minor support will dampen this bullish view and turn bias back to the downside for 160.37 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) 166.73; (P) 167.35; (R1) 168.21; More…

Intraday bias in GBP/JPY remains on the upside at this point. Current rise should continue to 169.26 resistance first. Break will bring retest of 172.11 high. For now, near term outlook will stay cautiously bullish as long as 165.38 support holds, in case of retreat.

In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.

Daily Pivots: (S1) 186.91; (P) 187.39; (R1) 187.73; More…

Intraday bias in GBP/JPY remains neutral for the moment, and some more consolidations could be seen below 188.63. While deeper retreat cannot be ruled out, near term outlook will stay bullish as long as 184.44 support holds. On the upside, break of 188.63 will resume larger up trend.

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.

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.

Daily Pivots: (S1) 190.50; (P) 190.84; (R1) 191.31; More….

Intraday bias in GBP/JPY is turned neutral again with current retreat. On the upside, decisive break of 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50 will extend larger up trend to 100% projection at 195.40. On the downside, however, break of 190.32 minor support will turn bias back to the downside for deeper pullback.

In the bigger picture, up trend from 123.94 (2020 low) is 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).

GBP/JPY rose to 158.19 last week but retreated notably since then. Initial bias is now on the downside this week for pull back towards 55 day EMA (now at 152.90). On the upside, break of 158.19 will resume larger up trend from 123.94.Next target will be 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72.

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).

Daily Pivots: (S1) 150.01; (P) 151.86; (R1) 153.01; More…

Intraday bias in GBP/JPY remains on the downside at this point. Fall from 158.19 should target 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. For now, near term outlook will stay bearish as long as 154.70 resistance holds, in case of recovery.

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) 138.56; (P) 138.96; (R1) 139.51; More…

Intraday bias in GBP/JPY remains neutral first. On the upside, break of 140.70 resistance will resume the choppy rebound from 133.03. Intraday bias will be turned to the upside for retesting 142.71 high. On the downside, break of 137.90 will revive the case that corrective rise from 133.03 has completed. Intraday bias will be turned back to the downside for 134.40 support.

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.

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).

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.

Daily Pivots: (S1) 147.76; (P) 148.23; (R1) 149.17; More…

Intraday bias in GBP/JPY remains on the upside as rise from 142.76 is in progress for 149.70 resistance. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 again.

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) 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).

Daily Pivots: (S1) 181.71; (P) 182.74; (R1) 184.47; More…

Intraday bias in GBP/JPY stays neutral at this point. On the upside, firm break of 184.15 resistance will argue that pull back from 188.63 has completed. Further rally would be seen to retest this high. On the downside, though, break of 178.71 will resume the decline from 188.63 and target 38.2% retracement of 148.93 to 188.63 at 173.46.

In the bigger picture, price actions from 188.63 medium term top are currently 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.

GBP/JPY’s fall from 186.75 extended lower last week but recovered after forming a temporary low at 180.78. Initial bias remains neutral this week for consolidations. But further decline is expected as long as 183.34 resistance holds. Break of 180.78 will target to 176.29 support next.

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.

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 176.29 support holds, to retest 195.86 (2015 high).

Daily Pivots: (S1) 170.12; (P) 170.42; (R1) 170.98; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 172.30 is still extending. Further rally is in favor with 167.95 resistance turned support intact. On the upside, break of 172.30 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, firm break of 167.95 should confirm short term topping, and turn bias back to the downside for deeper pull back to 165.40 support instead.

In the bigger picture, based on current momentum, up trend from 123.94 (2020 low) is likely ready to resume. Next target is 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 165.40 support holds, in case of retreat.

Daily Pivots: (S1) 160.96; (P) 163.12; (R1) 164.65; More…

Intraday bias in GBP/JPY is back on the downside as fall from 167.84 resumes. Firm break of 159.97 support will raise the chance of rejection by 167.93 long term fibonacci resistance. Deeper fall would be seen to 155.57 support for confirmation. On the upside, break of 165.26 minor resistance will turn bias back to the upside for retesting 168.67 high.

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) 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.