Daily Pivots: (S1) 179.23; (P) 180.22; (R1) 182.10; More…

GBP/JPY recovered after dipping to 178.32 and intraday bias is turned neutral first. Deeper decline is expected as long as 184.30 resistance holds. Break of 178.32 will resume the whole decline from 188.63. Sustained break of 178.02 will pave the way to 38.2% retracement of 148.93 to 188.63 at 173.46.

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.

Daily Pivots: (S1) 133.88; (P) 135.24; (R1) 136.01; More…

Intraday bias in GBP/JPY remains on the downside at this point. Sustained trading below 55 day EMA (now at 134.34) will argue that whole rebound form 123.94 has completed. Fall from 139.73 should then target 129.27 support to confirm this case. On the upside, though, above 136.23 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.

Daily Pivots: (S1) 142.05; (P) 142.81; (R1) 143.99;  More…

Intraday bias in GBP/JPY remains on the upside. Current rise from 131.51 is in progress for 143.93 resistance. Break will pave the way back to 149.48 key resistance next. On the downside, below 140.62 minor support will turn intraday bias neutral again. But further rally is expected as long as 137.35 minor support holds.

In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 (2018 high) already. That came after failing to break through 55 month EMA. No change in this view. Strong rebound from 131.51 argues that fall from 156.59 is just the second leg of the corrective pattern from 122.36. Break of 149.38 resistance will confirm the third leg has started to 159.69, and possibly above. Nevertheless, break of 131.51 will pave the way to retest 122.26 low.

Daily Pivots: (S1) 154.39; (P) 154.76; (R1) 155.47; More…

GB/JPY’s rise continues today and break of 154.70 resistance should confirm that correction from 158.19 has completed with three waves down to 148.94, after defending 148.93 key support. Intraday bias remains on the upside for retesting 158.19 high next. On the downside, below 153.97 minor support will turn intraday bias neutral and bring consolidations. But retreat should be contained by 152.60 resistance turned support to bring another rally.

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), to 61.8% retracement of 195.86 to 122.75 at 167.93. 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

Daily Pivots: (S1) 146.61; (P) 147.31; (R1) 148.06; More…

Intraday bias in GBP/JPY remains neutral as recovery from 144.97 temporary low is in progress. While further rise cannot be ruled out, upside should be limited below 150.92 resistance to bring another decline. Break of 144.97 will extend the fall from 156.69 to 143.51 medium term fibonacci level next. We’ll look for bottoming signal there. But firm break will target 139.29 support.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.

Daily Pivots: (S1) 147.51; (P) 147.86; (R1) 148.30; More…

GBP/JPY is staying in the corrective move from 144.97 and intraday bias remains neutral. Further rise might be seen. But upside should be limited by 150.92 (50% retracement of 156.59 to 144.97 at 150.78 to bring fall resumption. Break of 144.97 will extend the decline from 156.59 to 143.51 medium term fibonacci level next.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.

Daily Pivots: (S1) 146.58; (P) 147.31; (R1) 148.46; More…

Intraday bias in GBP/JPY remains neutral at this point. Current rise from 131.51 should target 149.48 key resistance next. On the downside, break of 146.16 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.

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 149.48 will pave the way to 156.59 resistance and above.

Daily Pivots: (S1) 149.91; (P) 150.57; (R1) 151.25; More…

GBP/JPY’s rise from 144.97 gathers further upside momentum as seen in 4 hour MACD. And it reaches as high as 151.45 so far. With 150.92 resistance taken out, intraday bias is on the upside for 61.8% retracement of 156.59 to 144.97 at 152.15 and above. 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. However, break of 148.37 is now 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.

Daily Pivots: (S1) 151.62; (P) 152.25; (R1) 153.33; More…

GBP/JPY’s rally from 144.97 continues today and reaches as high as 153.56 so far. Break of near term channel resistance shows upside acceleration. Intraday bias stays on the upside for a test on 156.59 high next. On the downside, below 152.23 minor support will turn intraday bias neutral first. But another rise would be expected as long as 150.58 resistance turned support holds.

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.

Daily Pivots: (S1) 164.19; (P) 166.39; (R1) 167.67; More…

Intraday bias in GBP/.JPY stays neutral at this point. Further rise is in favor as long as 164.95 support holds. Break of 172.11 will resume larger up trend. However, break of 164.95 will bring deeper pull back to 159.71 support and below.

In the bigger picture, up trend from 123.94 (2020 low), as part of the trend from 122.75 (2016 low) is still in progress. Further rise would be seen to 161.8% projection of 122.75 to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 148.93 support holds.

Daily Pivots: (S1) 148.54; (P) 149.51; (R1) 150.10; More…

Intraday bias in GBP/JPY remains neutral at this point and outlook is unchanged. Choppy rebound from 144.97 is seen as a corrective move. We’d expect strong resistance from limit upside and bring fall resumption. On the downside, below 147.65 minor support will bring retest of 144.97 low first. However, sustained break of 150.92 will indicate near term reversal and pave the way back to retest 156.69 high.

In the bigger picture, the case for medium term reversal continues to build up. There is bearish divergence condition in daily MACD. 146.96 support was taken out. And GBP/JPY was rejected by 55 month EMA. Break of 38.2% retracement of 122.36 to 156.59 at 143.51 will pave the way to 61.8% retracement at 135.43 and below. This will now be the preferred case as long as 150.92 resistance holds.

GBP/JPY turned into sideway trading last week and initial bias stays neutral this week for more consolidation. But deeper decline is expected as long as 183.34 resistance holds. On the downside, break of 180.78 will resume the fall from 186.75 to 176.29 support next. Nevertheless, firm break of 183.34 will turn bias back to the upside for retesting 186.75 high.

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) 147.09; (P) 148.10; (R1) 148.71; More…

GBP/JPY’s fall from 149.48 accelerates lower today and focus is on 146.28 support. Decisive break there will 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) 134.80; (P) 135.36; (R1) 136.36; More…

GBP/JPY’s rebound from 131.68 finally resumes by taking out 135.91 resistance. Intraday bias is back on the upside for retesting 139.73 high. On the downside, break of 134.12 support is needed to indicate completion of the rebound. Otherwise, outlook will now stay cautiously bullish in case of retreat.

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

GBP/JPY’s decline from 148.57 extended to as low as 144.31 last week. The break of near term trend line support and 144.84 support turned resistance indicates short term topping at 148.57. Initial bias is now on the downside this week for 38.2% retracement of 131.51 to 148.57 at 142.05. On the upside, break of 146.60 minor resistance will indicate completion of the pull back and turn bias to the upside for 148.57.

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.

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) 180.22; (P) 181.14; (R1) 182.71; More…

GBP/JPY’s recovery from 178.78 extends higher today but outlook is unchanged. Upside of recovery should be limited below 184.44 support turned resistance to bring another decline. On the downside, below 181.66 minor support will bring retest of 178.68 support first. Firm break of will resume the fall from 188.63 and target 38.2% retracement of 148.93 to 188.63 at 173.46 next.

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’s fall reaccelerated to as low as 136.63 last week and initial bias stays on the downside this week. Now that 61.8% retracement of 131.51 to 148.87 at 138.14 is firmly taken out, next target will be 131.51 low. On the upside, break of 138.73 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY 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.

In the longer term picture, firstly, GBP/JPY’s is kept well below 55 week EMA, keeping outlook bearish. But we’re treating price actions from 122.36 as a corrective pattern. Hence, we’d expect range trading to continue longer. 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. However, break of 122.26 will put 116.83 (2011 low) back into focus.

GBP/JPY dropped sharply to as low as 140.92 last week. Strong break of 143.18 support confirmed resumption of whole decline from 156.59. Initial bias stays on the downside this week for 139.29/47 key support level. We’ll pay attention to bottoming signal around that level. On the upside, break of 143.48 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

In the longer term picture, the failure to sustain above 55 month EMA (now at 152.88) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.36 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.

Daily Pivots: (S1) 144.42; (P) 144.72; (R1) 145.05; More…

Intraday bias in GBP/JPY remains neutral as it’s staying in range of 143.72/148.87. For now, further rise remains in favor as long as 143.72 support holds. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next. However, on the downside, 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 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.

Daily Pivots: (S1) 160.24; (P) 161.12; (R1) 162.80; More…

GBP/JPY recovered notably after dipping to 159.42 and intraday bias is turned neutral first. Sideway consolidation from 168.67 could extend further. Break of 166.31 resistance will be the first sign of up trend resumption. meanwhile, break of 159.42 will bring deeper fall towards 155.57 support 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 155.57 support holds, even in case of deep pull back.