Daily Pivots: (S1) 152.40; (P) 153.43; (R1) 154.32; More…

Intraday bias in GBP/JPY remains neutral for the moment. Further fall is mildly in favor and break of 152.35 will resume the decline from 158.19 to 148.93 key support next. On the upside, however, break of 154.70 will turn bias back to the upside for retesting 158.19 high instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Further rally is still expected as long as 148.93 support holds. However, firm break of 148.93 will argue that the medium term trend has reversed and bring deeper fall back to 142.71 resistance turned support first.

Daily Pivots: (S1) 155.63; (P) 155.85; (R1) 156.10; More…

Intraday bias in GBP/JPY remains on the upside as current up trend is targeting 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. On the downside, break of 153.81 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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) 162.91; (P) 163.50; (R1) 163.94; More…

Intraday bias in GBP/JPY remains on the upside for retesting 168.40 high. Firm break there will resume larger up trend. On the downside, below 160.92 minor support will turn bias back to the downside for extending the correction from 168.40 with another falling leg.

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 150.95 support holds, even in case of deep pull back. However, firm break of 150.95 will indicate rejection by 167.93, and bearish trend reversal.

Daily Pivots: (S1) 160.43; (P) 160.87; (R1) 161.46; More…

GBP/JPY is staying in consolidation from 164.61 and intraday bias remains neutral first. Outlook remains bullish with 158.04 resistance turned support intact, and further rally is expected. On the upside, break of 164.61 will resume larger up trend to long term fibonacci level at 167.93. However, firm break of 158.19 will turn bias to the downside and bring deeper pull back.

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. This will now remain the favored case as long as 150.95 support holds.

Daily Pivots: (S1) 150.63; (P) 151.27; (R1) 151.84; More…

GBP/JPY’s fall from 158.19 is still in progress and intraday bias remains on the downside for 100% projection of 158.19 to 152.35 from 154.70 at 148.86 next, which is close to 148.93 key structural support. Decisive break there will carry larger bearish implication and target 161.8% projection at 145.25 next. For now, near term outlook will stay bearish as long as 154.70 resistance holds, in case of recovery.

In the bigger picture, the break of medium term channel support, and bearish divergence condition in week MACD are raising the chance of medium term topping at 158.19. Firm break of 148.93 support will argue that GBP/JPY is at least correcting the whole rise from 123.94 (2020 low). In this case, deeper fall would be seen to 38.2% retracement of 123.94 to 158.19 at 145.10. Nevertheless, strong rebound from 148.93 will retain medium term bullishness for another rise through 158.19 at a later stage.

Daily Pivots: (S1) 168.53; (P) 169.39; (R1) 170.05; More…

Intraday bias in GBP/JPY stays neutral for the moment, but further rally is expected with 164.95 support intact. 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.

Daily Pivots: (S1) 160.93; (P) 161.35; (R1) 161.97; More…

Intraday bias in GBP/JPY remains neutral at this point. Risk will stay on the downside as long as 163.32 resistance holds. Fall from 165.99 is seen as part of the whole fall from 172.11. Sustained break of 158.54 will argue that larger decline from 172.11 is resuming through 155.33 low. However, break of 163.32 will bring stronger rise back to 165.99 resistance 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.

Daily Pivots: (S1) 139.77; (P) 140.23; (R1) 140.59; More…

GBP/JPY is staying in consolidation from 141.50 and intraday bias remains neutral first. Another fall cannot be ruled out, but downside 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.

GBP/JPY was bounded in sideway consolidation below 141.50 last week and outlook remain unchanged. Initial bias stays neutral this week first. In case of another fall, downside should be contained above 135.74 resistance turned support to bring rebound. 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 135.74 resistance turned 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.

Daily Pivots: (S1) 135.89; (P) 136.61; (R1) 137.54; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, above 137.83 will resume the rebound from 133.03 for retesting 142.71 high. On the downside, though, break of 135.66 should indicate completion of the rebound and bring retest of 133.03 support 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 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).

Daily Pivots: (S1) 143.06; (P) 143.62; (R1) 144.43; More…

No change in GBP/JPY’s outlook as it’s staying in consolidation pattern from 147.95.On the downside, break of 140.92 will target 38.2% retracement of 126.54 to 147.95 at 139.77. On the upside, above 144.60 resistance will bring stronger rebound 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) 144.48; (P) 145.49; (R1) 147.26; More…

GBP/JPY failed to break through 148.57 resistance and dropped sharply since then. Intraday bias is turned neutral first. On the upside, break of 148.75 will resume rebound from 131.51 and target 149.48 key resistance next. On the downside, break of 143.72 will resume the pull back from 148.57 to 141.00 support.

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) 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) 137.22; (P) 137.61; (R1) 138.03; More…

Further fall is in favor in GBP/JPY with 138.86 minor resistance intact. Corrective rebound from 133.03 has completed with three waves up to 140.31. Large fall from 142.71 might be resuming. Deeper fall would be seen to 133.03/134.40 support zone first. On the upside, though, break of 138.86 minor resistance will turn bias back to the upside for 140.31 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) 172.81; (P) 173.61; (R1) 174.35; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Deeper pull back cannot be ruled out, but outlook will stay bullish as long as 167.82 support holds. Break of 174.66 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. For now, medium term outlook will remain bullish as long as 165.99 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 150.91; (P) 152.57; (R1) 153.67; More…

Intraday bias in GBP/JPY remains on the downside at this point. Current fall from 158.04 should target 148.94 support next. On the upside, break of 155.20 resistance is needed to indicate completion of the decline. Otherwise, outlook will be mildly bearish in case of recovery.

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 38.2% retracement of 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.

Daily Pivots: (S1) 139.38; (P) 140.04; (R1) 140.46; More…

GBP/JPY is staying in consolidation from 141.50 and intraday bias remains neutral first. Another fall cannot be ruled out, but downside 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.

Daily Pivots: (S1) 182.01; (P) 183.17; (R1) 184.68; More…

Intraday bias in GBP/JPY is turned neutral first with current retreat. On the downside, break of 181.66 minor support will suggest that rebound from 178.58 has completed. Intraday bias will be back to the downside for retesting 178.58 low. Overall outlook will stay bearish as long as 184.44 support turned resistance support turned resistance holds.

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) 152.79; (P) 153.00; (R1) 153.29; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. Current rise from 123.94 should target 156.59 long term resistance next. On the downside, below 152.27 minor support will turn intraday bias neutral. But outlook will stay bullish as long as 148.50 support holds.

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.