GBP/JPY Daily Outlook

Daily Pivots: (S1) 153.62; (P) 154.04; (R1) 154.29; More…

GBP/JPY is staying in consolidation from 154.80 and intraday bias remains neutral first. On the upside, break of 154.80 will resume larger up trend to 156.59 key resistance first. Break will carry larger bullish implication and target 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. For now, outlook will stay bullish as long as 149.03 resistance holds, in case of pull back.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 168.43; (P) 169.19; (R1) 170.53; More…

GBP/JPY edged higher to 170.57 but quickly retreated Intraday bias stays neutral first. On the upside, firm break of 170.57 will confirm larger up trend resumption. However, break of 164.95 minor support will turn bias back to the downside for 159.71 support instead.

In the bigger picture, current development suggests that 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 pave the way to retest 195.86 high. This will now remain the favored case as long as 148.93 support holds.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 154.54; (P) 155.24; (R1) 155.62; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. But further rally is expected with 153.81 support intact. Current up trend should target 156.59 long term resistance. Sustained break there will pave the way to 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. However firm break of 153.81 will indicate short term topping and turn bias back to the downside for deeper pull back.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 142.32; (P) 143.47; (R1) 144.31; More…

Intraday bias in GBP/JPY is turned neutral with the steep fall from 144.95. On the downside, break of 142.33 support will turn bias back to the downside for 140.92 support and below. On the upside, above 144.95 would bring retest of 147.95. Overall, GBP/JPY is staying in consolidation from 147.95 and might extend further in the near term.

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.

GBP/JPY Weekly Outlook

GBP/JPY’s sharp decline last week suggests that rise from 148.94 has completed at 157.74, ahead of 158.19 high. Fall from 157.74 is seen as the third leg of the consolidative pattern from 158.19. Initial bias stays on the downside this week. Sustained break of 55 day EMA (now at 154.13) will target 148.94 support next. For now, risk will stay on the downside as long as 157.74 resistance holds, in case of recovery.

In the bigger picture, price actions from 158.19 are currently 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 147.03) 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 Daily Outlook

Daily Pivots: (S1) 153.51; (P) 154.17; (R1) 154.79; More…

Intraday bias in GBP/JPY is turned neutral for the moment. Some consolidations could be seen below 154.80. But downside should be contained well above 149.03 to bring another rally. On the upside, break of 154.80 will extend larger up trend to 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61 next.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 138.81; (P) 139.34; (R1) 139.74; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, break of 140.31 will resume the rebound from 133.03 for retesting 142.71 resistance next. On the downside, break of 137.19 minor support will turn bias back to the downside for 134.40 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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 182.69; (P) 183.35; (R1) 184.19; More…

GBP/JPY’s correction from 183.99 is extending today. Firm break of 182.12 support will bring deeper fall to 55 D EMW (now at 175.98). But downside should be contained above 172.30 resistance turned support to bring another rally. On the upside, break of 183.99 will resume larger up trend.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target is 195.86 (2015 high). For now, medium term outlook will remain bullish as long as 172.11 resistance turned support holds, even in case of deep pull back.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 137.30; (P) 138.37; (R1) 138.99; More…

The break of 137.83 resistance turned support suggests that GBP/JPY’s rebound from 133.03 might have completed with three waves up to 140.31. Intraday bias i now back on the downside for 134.40 support first. Break there will likely resume the pattern from 142.71 through 133.03 support. On the upside, though, break of 140.31 resistance will resume the rebound to retest 142.71 high 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 Weekly Outlook

GBP/JPY gyrated lower last week but stays above 132.17 minor support so far. Initial bias remains neutral this week first. On the downside, break of 132.17 support will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned to the downside for retesting 126.54 low. On the upside, sustained break of 135.07 will extend the rebound from 126.54 to 61.8% retracement at 140.33 next.

In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will target 116.83 (2011 low).

In the longer term picture, for now, we’re treating price actions from 122.75 (2016 low) as a corrective pattern. Hence, strong support could be seen at 122.75 to bring rebound before the pattern completes. However, sustained break will raise the chance of resuming long term down trend from 251.09 (2007 high). Next downside target will be 61.8% projection of 195.86 to 122.36 from 156.59 at 111.16.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 181.90 (P) 182.35; (R1) 183.14; More…

GBP/JPY’s break of 183.00 resistance suggests that pull back from 186.75 has completed at 178.02 already. Intraday bias is back on the upside. Stronger rally would be seen back to 185.67/186.75 resistance zone. However, below 181.53 minor support will mix up the outlook and turn intraday bias neutral first.

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.

GBP/JPY Weekly Outlook

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).

GBP/JPY Weekly Outlook

GBP/JPY was still stuck in range after failing to break through 153.42 resistance last week. Initial bias remains neutral this week first. 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 instead.

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.

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 Daily Outlook

Daily Pivots: (S1) 181.76; (P) 182.29; (R1) 183.02; More…

GBP/JPY recovered quickly after dipping to 181.00 and intraday bias stays neutral. 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.

GBP/JPY Daily Outlook

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 163.17; (P) 163.50; (R1) 164.06; More…

Intraday bias in GBP/JPY is turned neutral with current recovery. Overall, consolidation from 168.40 is still extending. Below 162.72 will turn bias back to the downside for 159.42. . But downside should be contained there to bring rebound. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.28; (P) 146.92; (R1) 147.43; More…

A temporary top should be in place at 147.54 with 4 hour MACD crossed below signal line. Intraday bias in GBP/JPY is turned neutral for some consolidations first. Downside of retreat should be contained by 144.47 support to bring another rally. On the upside, sustained break of 149.75 structural resistance will carry larger bullish implications, and target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next.

In the bigger picture, rise from 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). Break of 147.95 will target 156.59 resistance (2018 high). On the downside, break of 133.03 support is needed to confirm completion of the rise from 123.94. Otherwise, further rise will remain in favor even in case of pull back.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 165.28; (P) 165.98; (R1) 166.42; More…

Intraday bias in GBP/JPY stays mildly on the downside for retesting 163.02 support. Break there will resume whole decline from 172.11 to 159.71 support next. For now, risk will stay on the downside as long as 168.99 resistance holds.

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.

GBP/JPY Daily Outlook

Daily Pivots: (S1) 141.84; (P) 142.46; (R1) 143.12; More….

GBP/JPY is losing some downside momentum as seen in 4 hour MACD. But intraday bias stays on the downside with 143.36 minor resistance intact. Fall from 148.09 is expected to extend to 61.8% retracement of 135.58 to 148.09 at 140.35. At this point, we’d still expect rebound from 122.36 to resume later. Hence, we’d look for strong support below 140.35 to contain downside and bring rebound. On the upside, above 143.36 minor resistance will turn bias back to the upside. However, sustained trading below 140.35 will dampen our bullish view and turn focus back to 135.58 key near term support instead.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 166.20; (P) 166.60; (R1) 167.04; More…

GBP/JPY’s rally continues today and hit as high as 167.95 so far. Intraday bias remains on the upside for the moment. Current rally is part of the whole rise from 155.33. Next target is 169.26 resistance first. However, considering bearish divergence condition 4 H MACD. Break of 165.38 minor support will argue that a short term top was already formed. Intraday bias will be turned back to the downside for 162.75 support instead.

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.