Daily Pivots: (S1) 134.79; (P) 135.54; (R1) 136.19; More…

Intraday bias in GBP/JPY remains on the downside for 133.03 support first. Break there will confirm resumption of whole decline from 142.71. Next target will be 61.8% retracement of 123.94 to 142.71 at 131.11. On the upside, 136.55 minor resistance will turn bias back to the upside for 137.83 resistance instead.

In the bigger picture, rise from 123.94 is seen only 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’s correction from 153.39 extended last week and edged lower to 149.03. But overall outlook is unchanged. Initial bias stays neutral this week first. Downside should be contained by 148.50 support to bring rebound. On the upside, break of 151.95 will argue that larger rally is ready to resume, and bring retest of 153.39 high first. However, firm break of 148.50 will bring deeper correction to channel support (now at 143.31).

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.

In the longer term picture, the strong break of 55 months EMA (now at 144.50) is 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).

Daily Pivots: (S1) 184.50; (P) 185.22; (R1) 185.89; More…

Intraday bias in GBP/JPY stays mildly on the downside at this point. Pull back from 186.45 would target 183.23 resistance turned support. Nevertheless, on the upside, break 186.45 will resume larger up trend to 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20.

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will now remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

Daily Pivots: (S1) 190.93; (P) 191.44; (R1) 192.45; More…..

Break of 191.65 minor resistance suggests that GBP/JPY’s pullback from 193.51 has completed at 190.02 already. Intraday bias is back on the upside for retesting 193.51 first. Firm break there will resume larger up trend. For now, further rally is expected as long as 190.02 support holds, in case of retreat.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

Daily Pivots: (S1) 135.41; (P) 135.93; (R1) 136.43; More…

Intraday bias in GBP/JPY stays neutral first. Further fall will remain mildly in favor as long as 138.38 minor resistance holds. Sustained break of 38.2% retracement of 123.94 to 142.71 at 135.53 will suggest that whole rebound from 123.94 has completed. Deeper fall could then be seen to 61.8% retracement at 131.11 next. Though, strong rebound from current level, followed by break of 138.38 minor resistance, will turn bias back to the upside for retesting 142.71 instead.

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) 157.05; (P) 158.32; (R1) 159.19; More…

Intraday bias in GBP/JPY stays neutral and outlook is unchanged. On the downside, break of 155.33 low will resume the fall form 172.11 to 153.70 fibonacci level next. On the upside, sustained trading above 55 day EMA (now at 161.42) will turn bias to the upside, for stronger rise back to 169.26/172.11 resistance zone.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 142.98; (P) 143.17; (R1) 143.54; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Correction from 147.95 is in favor to extend lower. Break of 140.83 will target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, break of 144.52 will turn bias to the upside to retest 147.95 high.

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.

Daily Pivots: (S1) 154.55; (P) 155.02; (R1) 155.50; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 156.05 is still extending. Further rise is in favor with 153.81 support intact. On the upside, break of 156.05 will resume larger up trend for 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, firm break of 153.81 will indicate short term topping and turn bias back to the downside for deeper pull back, to 55 day EMA (now at 152.95) first.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus is now on 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 149.03 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) 166.17; (P) 167.30; (R1) 168.16; More…

Intraday bias in GBP/JPY is turned neutral for some consolidations. But downside of retreat should be contained well above 159.02 support to bring rise resumption. On the upside, break of 168.40 will target 100% projection of 150.96 to 164.61 from 159.02 at 172.68.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93. Sustained break there will be a long term bullish signal, and could pave the way back to 195.86. This will now remain the favored case as long as 150.95 support holds.

Daily Pivots: (S1) 139.21; (P) 139.61; (R1) 139.87; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 140.20 temporary top. Further rally is expected as long as 137.84 support holds. Rise from 123.94 has just resumed and break of 140.20 will target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, break of 137.84 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for pull back.

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 rebounded strongly last week but failed to take out 140.31 resistance. Near term outlook is mixed up and initial bias remains neutral this week first. On the upside, break of 140.31 will resume whole rebound from 133.03 and target a test on 142.71 high. On the downside, however, break of 137.19 will argue that the pattern from 142.71 is starting another falling leg. Intraday bias will be turned back to the downside for 134.40 support and possibly below.

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.

In the longer term picture, repeated rejection by 55 month EMA indicate long term bearishness in the cross. Down trend from 251.09 (2007 high) should eventually resume through 122.75 to 116.83 (2011 low) and below. However, sustained break of 55 month EMA (now at 143.38) will dampen this view and could open up further rise back to 195.86 (2015 high).

Daily Pivots: (S1) 143.62; (P) 145.78; (R1) 147.30; More…

Intraday bias in GBP/JPY remains on the downside for 142.76 support. Break there will bring further fall to 139.29/47 key support zone next. On the upside, break of 145.99 minor 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.

GBP/JPY’s rebound from 152.88 extended higher last week, but lost momentum after hitting 156.48. Initial bias is neutral this week first. The consolidation pattern from 158.19 could still extend further. On the downside, below 154.46 minor support will turn bias back to the downside for 152.88 support and below. Nevertheless, above 156.48 will target a test on 157.74/158.19 resistance zone. Decisive break there will resume larger up trend.

In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

In the longer term picture, as long as 55 month EMA (now at 147.30) 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 edged lower to 146.92 last week but recovered since then. Initial bias stays neutral this week first. Another decline is expected with 149.73 resistance intact. Below 146.92 will target 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.

In the longer term picture, current rebound argues that the down trend from 195.86 (2015 high) has already completed at 122.36. Focus is now on 55 month EMA (now at 155.14). Firm break there will suggest that rise form 122.36 is developing into a long term move that target 195.86 again. And, price actions from 116.83 (2011 low) is indeed a sideway pattern that could last more than a decade. However, firm break of 139.29 will suggests that the long term down trend is still in progress and could break 116.83 low ahead.

GBP/JPY rose to 163.73 last week but retreated since then. Initial bias is neutral this week first. For now, the favored case is that correction from 172.11 has completed at 155.33 already. Above 163.73 will resume the rise from 155.33 to 169.26/172.11 resistance zone. However, break of 160.44 minor support will dampen this case and bring retest of 155.33 low instead.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 intact, 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.

In the longer term picture, as long as 55 month EMA (now at 152.76) holds, rise from 122.75 could still extend higher at a later stage to 195.86 (2015 high).

Daily Pivots: (S1) 152.64; (P) 152.95; (R1) 153.23; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, break of 153.42/46 resistance will reaffirm the case that correction from 156.05 has completed at 148.43. Intraday bias will be back on the upside for retesting 156.05. On the downside, though, below 151.14 will bring deeper fall back to retest 148.43.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains on 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, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

Daily Pivots: (S1) 183.15; (P) 183.54; (R1) 184.14; More…

Despite loss of downside momentum, further decline is expected in GBP/JPY as long as 185.67 resistance holds. Next target is 55 D EMA (now at 182.31). Sustained break there will argue that it’s already in a larger scale correction and target 176.29 support next. On the upside, break of 185.67 resistance will indicate that the pull back from 186.75 has completed. Further rise should then be seen through 186.75 to resume larger up trend.

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

Daily Pivots: (S1) 161.14; (P) 161.84; (R1) 162.50; More…

Intraday bias in GBP/JPY remains neutral range trading continues. On the upside, break of 163.91 will bring stronger rise to 166.31 resistance. 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.

GBP/JPY dived to as low as 148.93 last week but rebounded strongly since then. The development suggest that corrective fall from 169.10 has completed after drawing support from 151.84 long term fibonacci level. Initial bias stays on the upside this week for retesting 169.10 high. On the downside, though, break of 155.63 minor support will turn bias back to the downside for 148.93 low again.

In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.

In the longer term picture, as long as 55 month EMA (now at 150.40) holds, rise from 122.75 could still extend higher at a later stage. However, sustained break of 55 month EMA will ague that whole rise has completed, and open up deeper fall back to 116.83/122.75 support zone.

Daily Pivots: (S1) 185.41; (P) 186.04; (R1) 187.18; More…

Prior breach of 186.45 indicates that GBP/JPY is resuming the larger up trend. Intraday bias is back on the upside. Next target is 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20. On the downside, however, break of 184.53 support should now indicate short term topping, and turn bias back to the downside for deeper correction.

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will now remain the favored case as long as 176.29 support holds, even in case of deeper pull back.