Daily Pivots: (S1) 187.07; (P) 187.78; (R1) 188.42; More…

GBP/JPY is extending the consolidation pattern from 188.90 and intraday bias stays neutral. Further rally is expected as long as 186.14 resistance turned support holds. On the upside, break of 188.90, and sustained trading above 188.63 will confirm up trend resumption. Next target is 38.2% projection of 155.33 to 188.63 from 178.32 at 191.04. However, break of 186.14 will turn bias to the downside for deeper pullback.

In the bigger picture, up trend from 123.94 (2020 low) in 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) 153.78; (P) 154.17; (R1) 154.74; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current rally should target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Break will target 100% projection at 160.49. On the downside, below 153.08 minor support will turn intraday bias neutral again. But outlook will stay bullish as long as 150.18 support holds.

In the bigger picture, 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 there would be prospect of retesting 122.36 in that case.

Daily Pivots: (S1) 133.87; (P) 134.54; (R1) 135.02; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, break of 136.34 minor resistance will extend the rebound from 133.50 to retest 139.73 high. On the downside, sustained break of 55 day EMA (now at 134.40) 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.

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) 165.22; (P) 165.80; (R1) 166.88; More…

Intraday bias in GBP/JPY stays neutral first and outlook is unchanged. Strong rebound from current level, followed by break of 166.06 minor resistance will turn bias back to the upside for retesting 172.11 high. However, sustained trading below 38.2% retracement of 148.93 to 172.11 at 163.25 will bring deeper decline to 61.8% retracement at 157.78 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 123.94 (2020 low) could still resume through 172.11 high at a later stage. However, firm break of 159.71 support will argue that it’s already in correction to the up trend from 123.94, and deeper decline would be seen back towards 148.93 support.

Daily Pivots: (S1) 131.63; (P) 132.34; (R1) 133.40; More…

Intraday bias in GBP/JPY remains on the upside at this point. Correction from 135.74 is possibly completed and from 123.94 might be resuming. Further rise would be seen to 135.74 resistance next. On the downside, though, break of 130.67 support will turn intraday bias to the downside for 61.8% retracement of 123.94 to 135.74 at 128.44.

In the bigger picture, 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) 141.70; (P) 141.97; (R1) 142.31; More…

Outlook in GBP/JPY is unchanged and further rise is expected with 140.31 support intact. Decisive break of 142.71 will resume whole rally from 123.94 for 147.95 key resistance. Nevertheless, break of 140.31 support will indicate short term topping and turn bias back to the downside.

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) 181.10; (P) 181.39; (R1) 181.89; More…

GBP/JPY is staying in consolidation above 180.78 and intraday bias stays neutral. With 183.34 resistance intact, further decline is expected. On the downside, break of 180.78 will resume the fall from 186.75 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.

Daily Pivots: (S1) 134.62; (P) 135.28; (R1) 135.92; More…

Intraday bias in GBP/JPY remains on the downside at this point, for 133.03 support. 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.

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) 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.

Daily Pivots: (S1) 180.90; (P) 181.39; (R1) 181.72; More…

Intraday bias in GBP/JPY remains neutral for the moment, as consolidation from 180.78 is extending. With 183.34 resistance intact, further decline is expected. On the downside, break of 180.78 will resume the fall from 186.75 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.

Daily Pivots: (S1) 145.40; (P) 146.35; (R1) 146.92; More…

GBP/JPY drops to as low as 145.12 and breached trend line support. Focus is now on 144.84 resistance turned support. Decisive break there will argue that whole rebound from 131.51 has completed. Deeper decline would then be seen to 141.00 support to confirm. Nevertheless, strong rebound from current level will retain near term bullishness. Break of 146.40 minor resistance will turn bias back to the upside for 148.57 and then 149.48.

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.

Daily Pivots: (S1) 151.25; (P) 151.75; (R1) 152.26; More…

Intraday bias in GBP/JPY remains neutral first. The cross is now pressing 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next and channel resistance. Break of 147.38 support will indicate short term topping and turn bias to the downside for correction. Nevertheless, sustained trading above 151.80 will indicate upside acceleration. Next target is key resistance at 156.59.

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) 147.66; (P) 148.49; (R1) 148.91; More…

GBP/JPY is still staying in sideway consolidation from 149.70. Intraday bias remains neutral first. Deeper pull back cannot be ruled out. But outlook will stay remain bullish as long as 145.67 resistance turned support holds. On the upside, above 149.70 will target 153.84/156.69 resistance zone next. However, break of 145.67 will suggest 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.

GBP/JPY edged higher to 161.22 last week but failed to break through 162.32 resistance and reversed. Initial bias is now on the downside this week for 155.33 support first. Firm break there will resume whole decline from 172.11 to 153.70 fibonacci level. On the upside, above 158.09 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 161.22 resistance holds.

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.

In the longer term picture, as long as 55 month EMA (now at 152.38) holds, rise from 122.75 could still extend higher at a later stage.

Daily Pivots: (S1) 132.92; (P) 133.81; (R1) 134.86; More…

Intraday bias in GBP/JPY is turned neutral with 4 hour MACD crossed below signal line. Another rise could still 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 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.

Daily Pivots: (S1) 138.03; (P) 138.52; (R1) 138.99; More…

Intraday bias in GBP/JPY is back on the upside with breach of 139.20. Firm break of 139.73 resistance resume the whole rise from 123.94 and target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. Nevertheless, break of 136.62 will turn intraday bias back to the downside to extend the consolidation pattern from 139.73.

In the bigger picture, rise from 123.94 is currently 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) 156.63; (P) 157.08; (R1) 157.77; More…

Intraday bias in GBP/JPY remains on the upside with focus on 158.19 resistance. Decisive break there will confirm resumption of whole up trend from 123.94. Next target is 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, below 156.32 minor support will delay the bullish case and turn intraday bias neutral first.

In the bigger picture, up trend from 123.94 (2020 low) should still be in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 to 122.75 at 167.93. This will now remain the favored case as long as 148.94 support holds.

Daily Pivots: (S1) 181.53; (P) 182.05; (R1) 182.46; More…

Intraday bias in GBP/JPY stays neutral at this point. With 181.00 support intact, further rise is in favor. The favored case is still that correction from 186.75 has completed at 178.02. Above 183.79 will resume the rise from 178.02 to retest 186.75 high. However, break of 181.00 will dampen this view, and turn bias back to the downside for 178.02 instead.

In the bigger picture, fall from 186.75 is 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.

Daily Pivots: (S1) 151.27; (P) 152.07; (R1) 152.59; More…

GBP/JPY’s break of 151.55 minor support suggests that rebound from 148.43 has completed at 153.42, after rejection by 153.46 resistance. Intraday bias is back on the downside. Deeper fall could be seen back to retest 148.43 support. On the upside, through, break of 153.42 will resume the rebound from 148.43 to retest 156.05 high.

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.