Daily Pivots: (S1) 145.74; (P) 146.37; (R1) 147.04; More…

Intraday bias in GBP/JPy remains neutral as sideway consolidation from 148.87 might extend. 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) 134.90; (P) 135.71; (R1) 137.20; More…

GBP/JPY’s rally is still in progress and met 61.8% projection of 123.94 to 135.74 from 129.27 at 136.56 already. There is no sign of topping yet. Intraday bias stays on the upside for 100% projection at 141.07. On the downside, below 135.99 minor support will turn intraday bias neutral first.

In the bigger picture, overall, price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. Current development suggests that it might extend with another rising leg. But still, an eventual downside break out is expected as long as 147.95 resistance holds. Firm break of 122.75 will resume larger down trend from 195.86 (2015 high).

Daily Pivots: (S1) 145.59; (P) 147.31; (R1) 148.68; More…

A temporary low is in place at 145.93 after breaching 147.04 resistance. Intraday bias in GBP/JPY is turned neutral first, for some consolidations. but upside of recovery should be limited well below 149.99 resistance to bring fall resumption. Below 145.93 will target 144.97 low first. Break there 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) 190.15; (P) 190.67; (R1) 191.56; More…..

Intraday bias in GBP/JPY remains neutral at this point. Corrective pattern from 191.29 could still extend. Break of 188.02 minor support will bring deeper fall to 38.2% retracement of 178.32 to 191.29 at 186.33, as a correction to rise from 178.32. Nevertheless, on the upside, decisive break of 191.29 will resume larger up trend, and target 195.86 long term resistance next.

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).

Daily Pivots: (S1) 140.28; (P) 141.19; (R1) 141.80; More…

GBP/JPY’s break of 141.17 confirms resumption of fall from 149.48. Intraday bias is back on the downside. current fall should now target 139.29/47 key support zone. On the upside, break of 143.94 resistance is needed to indicate short term reversal. Otherwise, outlook will remain bearish even in case of recovery.

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) could 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) 149.79; (P) 150.19; (R1) 150.98; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 153.39 is extending. In case of deeper fall, downside should be contained by 148.50 support to bring rebound. On the upside, break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next. However, firm break of 148.50 will bring deeper correction to channel support (now at 143.16).

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 136.71; (P) 137.73; (R1) 138.66; More…

Intraday bias in GBP/JPY is turned neutral with today’s strong rebound. But another fall will remain in favor as long as 140.70 resistance holds. The pattern from 142.71 should have started the third leg. Below 136.78 will target 134.40 support and then 133.03. However, break of 140.70 will invalidate this view and extend the rebound from 133.03.

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) 144.95; (P) 145.32; (R1) 145.69; More…

No change in GBP/JPY’s outlook as it’s staying in consolidation from 148.87. Intraday bias remains neutral at this point. 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. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next.

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 stayed in consolidation from 141.50 last week and outlook is unchanged. Initial bias remains neutral this week first. Downside of retreat should be contained above 135.74 resistance turned support to bring another rally. On the upside, break of 141.50 will resume the rise from 126.54 to for 148.87 key resistance.

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 130.42 support holds.

In the longer term picture, price actions from 122.75 (2016 low) are seen as developing into a consolidation pattern. That is, long term down trend from 195.86 (2015 high) and that from 251.09 (2007 high) are still in favor to extend through 116.83 (2011 low). We’ll hold on to this bearish view as long as 156.59 key resistance holds.

GBP/JPY edged higher to 154.40 last week but turned sideway since then. Initial bias remains neutral this week first. Outlook will remain bullish as long as 151.24 support holds. On the upside, above 154.40 will resume the larger up trend 156.59 key resistance, and then 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. However, break of 151.24 will suggest that deeper correction is underway, and turn bias back to the downside for 149.03 support first.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 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, break of 142.71 resistance turned support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.

In the longer term picture, the strong break of 55 months EMA was an early sign of long term bullish reversal. Firm break of 156.69 resistance should now confirm the start of an up trend for 195.86 (2015 high).

GBP/JPY stayed in consolidation above 144.02 last week and outlook is unchanged. Initial bias remains neutral this week first. Near term outlook remains bearish with 145.99 resistance intact and further fall is expected. 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.

In the longer term picture, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015 high) 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 (116.83 as 2011 low).

Daily Pivots: (S1) 146.74; (P) 147.38; (R1) 147.73; More

With 149.73 minor resistance intact, fall from 152.82 is expected to continue to 61.8% retracement of 139.29 to 152.82 at 144.45. Such decline is seen as a correction and we’d look for strong support from 144.45 to bring rebound. On the upside, break of 149.73 support turned resistance will argue that the pull back is completed and turn bias back to the upside for retesting 152.82 high. However, sustained break of 144.45 will put 139.29 key support in focus.

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.

Daily Pivots: (S1) 147.58; (P) 148.03; (R1) 148.49; More…

GBP/JPY recovers today but stays below 149.29. Intraday bias remains neutral first. Consolidation from 147.04 temporary low could extend. But upside should be limited below 150.60 support turned resistance to bring fall resumption. Below 147.04 will target 144.97 first. Break there 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) 180.28; (P) 181.07; (R1) 181.76; More…

Intraday bias in GBP/JPY stays neutral first. On the downside, break of 179.45 will resume the correction from 183.90 to 55 D EMA (now at 177.27). On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue. On resumption, next target is 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36, and then 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

Daily Pivots: (S1) 141.76; (P) 142.18; (R1) 142.89; More…

GBP/JPY edges higher today and intraday bias remains mildly on the upside for 144.77 resistance. Rise from 136.44 is seen as the second leg of the consolidation pattern from 148.42. Break of 144.77 will target a test on this 148.42 high. On the downside, below 140.67 minor support will turn bias back to the downside and extend the fall fro 144.77 through 138.53.

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 with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

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Daily Pivots: (S1) 150.23; (P) 151.35; (R1) 152.16; More…

GBP/JPY surges to as high as 152.93 so far today. Breach of 152.82 resistance argues that medium term rally is resuming. Intraday bias is back on the upside. Sustained trading above 152.93 will pave the way to 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. On the downside, though, break of 150.57 minor support will dampen the bullish view and turn bias neutral first.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after consolidation 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 46.96 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.

Daily Pivots: (S1) 132.31; (P) 133.46; (R1) 134.06; More…

GBP/JPY’s fall accelerates to as low as 131.61 so far today and intraday bias remains on the downside for 131.51 low next. Decisive break there will resume larger decline from 156.69 for 122.36 next. On the upside, above 133.07 minor resistance will turn intraday bias neutral for consolidation first. Recovery should be limited below 135.66 resistance to bring fall resumption.

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.

Daily Pivots: (S1) 133.13; (P) 134.05; (R1) 135.16; More…

GBP/JPY is staying in corrective rise from 123.94 and outlook is unchanged. Further rise might be seen but 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 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) 160.00; (P) 161.05; (R1) 161.73; More…

Intraday bias in GBP/JPY is turned neutral with current recovery. Overall, corrective pattern from 168.67 is still extending. On the upside, above 162.77 minor resistance will turn bias back to the upside for 163.91 resistance. Break there will target 166.31. On the downside, below 160.07 will turn bias to the downside for 159.42 and below.

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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 140.44; (P) 140.75; (R1) 141.17; More…

Intraday bias in GBP/JPY remains neutral for the moment. Another rise is in favor as long as 139.48 support holds. Above 141.34 will target a test on 141.71 high. On the downside, though, break of 139.48 support will be the first sign of short term reversal. Intraday bias will be turned to the downside for 136.96 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.