Daily Pivots: (S1) 169.37; (P) 170.00; (R1) 171.14; More…

Range trading continues in GBP/JPY and intraday bias remains neutral. On the upside, break of 172.30 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, firm break of 167.95 should confirm short term topping, and turn bias back to the downside for deeper pull back to 165.40 support and possible below instead.

In the bigger picture, focus stays on 172.11 resistance (2022 high). Decisive break there will resume whole up trend from 123.94 (2020 low). Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. Nevertheless, firm break of 165.40 support will indicate rejection by 172.11 and extend the corrective pattern from there with another falling leg.

Daily Pivots: (S1) 146.77; (P) 147.28; (R1) 147.95; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 148.57 temporary top is extending. Downside of retreat should be contained by 144.84 resistance turned support to bring rise resumption. On the upside, break of 148.57 will target 149.48 resistance first. Decisive break there will target 100% projection of 131.51 to 144.84 from 141.00 at 154.33 next.

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.

Daily Pivots: (S1) 182.60; (P) 183.26; (R1) 183.73; More…

With 184.39 resistance holds, GBP/JPY’s choppy decline from 186.75 is extended to continue. Sustained trading below 55 D EMA (now at 182.44) will argue that it’s already in a larger scale correction and target 176.29 support next. On the upside, break of 184.39 resistance will argue that the pull back from 186.75 has completed. Intraday bias will be turned back to the upside for 185.76 resistance next.

In the bigger picture, 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 turn outlook neutral for lengthier and deeper consolidations.

Daily Pivots: (S1) 150.65; (P) 151.29; (R1) 151.61; More…

GBP/JPY’s decline accelerates today and intraday bias stays on the downside for 148.43/149.16 key support zone. Decisive break there will resume whole fall from 156.05 to 143.78 fibonacci level. On the upside, above 150.80 minor resistance will turn intraday bias neutral first.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 150.98; (P) 151.44; (R1) 152.15; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. Correction from 156.05 might have completed at 148.43, after defending 38.2% retracement of 136.96 to 156.05 at 148.75 Further rise should be seen to 153.46 resistance first. Break will bring retest of 156.05 high. On the downside, below 150.71 minor support will turn intraday bias neutral again first.

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) 144.55; (P) 144.73; (R1) 144.88; More…

No change in GBP/JPY’s outlook and further rise is expected with 144.01 minor support intact. Current up trend from 133.03 should target 147.95 key medium term structural resistance. Sustained break there will carry larger bullish implications. On the downside, however, break of 144.01 minor support would now indicate short term topping, and turn bias to the downside for deeper pull back.

In the bigger picture, rise of 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.

Daily Pivots: (S1) 162.09; (P) 162.84; (R1) 163.29; More…

Intraday bias in GBP/JPY is turned neutral with a temporary top formed at 163.73. The favored case is still that correction from 172.11 has completed with three waves down to 155.33. Above 163.73 would resume the rebound from1 55.33 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 to 172.11 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.

GBP/JPY edged higher again to 186.75 last week but the retreated to 183.35. With subsequent recovery, initial bias is neutral this week first. But risk will stays on the downside as long as 186.75 resistance holds. Break of 183.35 will resume the correction from 186.75 short term top to 55 D EMA (now at 181.17) and possibly below.

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.

In the longer term picture, rise from 122.75 (2016 low) in still in progress to retest 195.86 (2015 high). Based on current momentum, break of 195.86 is in favor. But strong resistance could still be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 (2011 low) at 199.80 to limit upside on first attempt.

Daily Pivots: (S1) 149.71; (P) 150.24; (R1) 150.60; More…

Intraday bias in GBP/JPY remains neutral as range trading continues. On the downside, firm break of 148.93 key structural support will carry larger bearish implications. Next target is 161.8% projection of 158.19 to 152.35 from 154.70 at 145.25. On the upside, however, break of 152.35 support turned resistance will argue that the pull back from 158.19 is complete. Intraday bias will be turned back to the upside for retesting 158.19 high.

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.

GBP/JPY fell to as 158.54 last week but recovered since then. Initial bias remains neutral this week first. Current development suggests that fall from 165.99 is a falling leg of the whole decline from 172.11. Deeper decline is expected as long as 164.12 resistance holds. Break of 158.54 will target a retest on 155.33 low.

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.

In the longer term picture, as long as 55 month EMA (now at 153.06) holds, rise from 122.75 (2016 low) could still extend higher at a later stage to 195.86 (2015 high).

Daily Pivots: (S1) 137.79; (P) 138.07; (R1) 138.33; More…

No change in GBP/JPY’s outlook and intraday bias remains neutral. On the upside, break of 140.31 will resume the rebound from 133.03 to retest 142.71 high. Nevertheless, sustained break of 137.83 resistance turned support will argue that the rebound has completed. Intraday bias will be turned back to the downside for 133.03/134.40 support zone.

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) 142.17; (P) 142.74; (R1) 143.17; More…

Intraday bias in GBP/JPY remains neutral at this point. With 140.62 minor support intact, rebound from 131.51 might still extend through 144.84. But in that case, we’d expect strong resistance from trend line (now at 146.85) to limit upside, at least on first attempt. On the downside, firm break of 140.62 will suggest completion of the rebound and turn bias to the downside.

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 is 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 149.38 will pave the way to 156.59 resistance and above.

Daily Pivots: (S1) 128.16; (P) 130.63; (R1) 132.34; More…

GBP/JPY’s fall from 147.95 is still in progress and intraday bias remains on the downside for retesting 126.54 low. On the upside, break of 134.31 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern. Larger down trend from 195.86 (2015 high) is not completed yet. Break of 126.54 should indicate that such down trend is resuming through 122.75 low.

Daily Pivots: (S1) 157.08; (P) 157.57; (R1) 158.26; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current up trend from 123.94 should target 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72 next. On the downside, below 156.58 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deeper pull back.

Daily Pivots: (S1) 141.28; (P) 141.68; (R1) 142.13; More…

No change in GBP/JPY’s outlook. Corrective pattern from 147.95 is in progress. 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.

GBP/JPY stayed in consolidation above 133.85 last week and outlook is unchanged. Near term outlook remains bearish with 136.05 resistance intact. On the downside, break of 133.85 will resume the decline from 148.87 to retest 131.51 low. Though, break of 136.05 will indicate short term bottoming and bring stronger rebound to 137.78 resistance.

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.

In the longer term picture, firstly, GBP/JPY’s is kept well below 55 month EMA, keeping outlook bearish. But we’re treating price actions from 122.36 as a corrective pattern. Hence, we’d expect range trading to continue longer. In case of an extension, strong resistance is likely to be seen at 50% retracement of 195.86 (2015 high) to 122.36 at 159.11 to limit upside. However, break of 122.26 will put 116.83 (2011 low) back into focus.

Daily Pivots: (S1) 138.97; (P) 139.64; (R1) 140.08; More…

GBP/JPY formed a temporary top after hitting 140.31 and retreated. Intraday bias is turned neutral first. Further rise is expected as long as 137.83 support holds. Above 140.31 will resume the rise from 133.03 and target a test on 142.71 high. Nevertheless, firm break of 137.83 will dampen the bullish case and turn bias back to the downside for 133.03/134.40 support zone.

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) 182.70; (P) 183.47; (R1) 184.26; More…

Intraday bias in GBP/JPY stays on the upside at this point. Decisive break of 183.99 will confirm larger up trend resumption. Next target is 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20. For now, near term outlook will stay bullish as long as 180.41 support holds, in case of retreat.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue through 183.99 at a later stage, towards 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

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

GBP/JPY is staying below 170.07 and intraday bias remains neutral. But further rally is still in favor. Firm break of 170.07 will confirm up trend resumption. Next target is 100% projection of 148.93 to 165.69 from 159.71 at 176.47. Nevertheless, 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) 158.49; (P) 159.67; (R1) 161.07; More…

Intraday bias in GBP/JPY is turned neutral again with current recovery. But 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.

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.