Daily Pivots: (S1) 149.79; (P) 150.19; (R1) 150.98; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 153.39 is extending. In case of deeper fall, downside should be contained by 148.50 support to bring rebound. On the upside, break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next. However, firm break of 148.50 will bring deeper correction to channel support (now at 143.16).

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.

GBP/JPY gyrated lower last week but downside was contained above 140.62 support so far. Initial bias remains neutral this week first and outlook is unchanged. On the upside, above 144.84 will extend the rebound from 131.51. But we’d expect strong resistance from trend line (now at 146.93) 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.

In the longer term picture, the rise from 122.36 (2016 low) to 156.59 (2018 high) doesn’t display a clear impulsive structure. Thus, we’re treating price actions from 122.36 as a corrective pattern. 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. On the downside, break of 131.51 support will bring 122.26 low back into focus.

Daily Pivots: (S1) 153.90; (P) 154.29; (R1) 154.56; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 154.80 temporary top. 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.

Daily Pivots: (S1) 142.58; (P) 143.49; (R1) 144.38; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, break of 145.67 will target 38.2% retracement of 156.59 to 139.88 at 146.26. Decisive break there will be a strong signal that fall from 156.59 has completed at 139.88, ahead of 139.29/47 key support zone. Further rally should then be seen to 149.30 resistance for confirmation. On the downside, though, break of 142.58 will turn bias back to the downside for retesting 139.88 low instead.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

Daily Pivots: (S1) 162.49; (P) 162.96; (R1) 163.79; More…

Intraday bias in GBP/JPY remains on the upside as rebound from 155.57 is in progress to retest 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.

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) 132.91; (P) 133.24; (R1) 133.66; More…

Intraday bias in GBP/JPY stays neutral and outlook is unchanged. Corrective rebound from 123.94 could have already completed at 135.74 already. On the downside, break of 131.90 will resume the fall from 135.74 and target a retest on 123.94 low. On the upside, in case of another rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring near term reversal.

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) 136.42; (P) 136.77; (R1) 137.05; More…

GBP/JPY is staying in consolidation from 135.38 and intraday bias remains neutral. In case of another rise, upside should be limited by 138.32 resistance to bring fall resumption. On the downside, break of 135.38 will extend recent fall from 148.87 to retest 131.51 low. Though, firm break of 135.38 will confirm short term bottoming and bring stronger rebound to 55 day EMA (now at 140.11).

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) 188.06; (P) 188.40; (R1) 188.93; More…

GBP/JPY’s strong break of 188.90 confirms up trend resumption. Intraday bias stays on the upside. Next near term target is 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. On the downside, below 187.83 minor support will turn intraday bias neutral and bring consolidations first. But outlook will stay bullish as long as 185.21 support holds, in case of retreat.

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) 135.44; (P) 136.00; (R1) 136.80; More…

Intraday bias in GBP/JPY remains neutral with focus on 136.46 resistance. Decisive break there will indicate short term bottoming and turn bias back to the upside for stronger rebound back to retest 142.71. On the downside, break of 133.03 will resume the fall from 142.71 and target 61.8% retracement of 123.94 to 142.71 at 131.11 next.

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) 147.57; (P) 148.11; (R1) 148.67; More…

Intraday bias in GBP/JPY remains neutral as consolidation from 149.70 is extending. With 145.67 support intact, outlook stays bullish and further rally is expected. 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.

Daily Pivots: (S1) 158.13; (P) 161.29; (R1) 163.44; More…

GBP/JPY’s break of 159.42 support is taken as a early sign of bearish trend reversal. Intraday bias stays on the downside for 155.57 support first. Decisive break there should confirm this bearish case. On the upside, above 162.28 minor resistance will turn intraday bias neutral first.

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. However, firm break of 155.57 will confirm medium term topping, after rejection by 167.93. Outlook will be turned bearish for deeper decline.

Daily Pivots: (S1) 165.78; (P) 166.64; (R1) 167.13; More…

Intraday bias in GBP/JPY stays neutral at this point. On the downside, break of 164.02 should resume the whole fall from 172.11 through 163.02 support. Nevertheless, on the upside, break of 168.99 resistance will bring stronger rebound to retest 172.11 high instead.

In the bigger picture, medium term upside momentum has been diminishing as seen in bearish divergence condition in weekly MACD. Sustained break of 55 week EMA (now at 160.66) will argue that it’s already correcting whole up trend from 123.94 (2020 low). Nevertheless, before that, such up trend could still extend through 172.11 high.

Daily Pivots: (S1) 180.68; (P) 181.52; (R1) 182.26; More…

Range trading continues in GBP/JPY and intraday bias stays neutral. On the downside, break of 179.45 will resume the correction from 183.90 to 55 D EMA (now at 177.85) and possibly below. On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue. On resumption, next target is 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36, and then 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

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.

Daily Pivots: (S1) 150.44; (P) 150.97; (R1) 151.49; More…

GBP/JPY’s corrective fall from 153.39 is still in progress and intraday bias remains neutral. As long as 149.74 support holds, outlook remains bullish in the cross. Break of 153.39 will resume the medium term up trend and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. However, break of 149.74 will dampen our bullish view and turn bias back to the downside for 146.96 key support instead.

In the bigger picture, current development suggests that medium term rise from 122.36 is resuming. Sustained trading above 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 146.96 support 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.

Daily Pivots: (S1) 145.71; (P) 146.18; (R1) 147.00; More…

Intraday bias in GBP/JPY remains on the upside for 147.95 structural resistance. Sustained break there will carry larger bullish implications. Rise from 123.94 should then target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. On the downside, below 145.90 minor support will turn intraday bias and bring consolidations first, before staging another rally.

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.

Daily Pivots: (S1) 150.64; (P) 151.52; (R1) 153.09; More…

GBP/JPY’s rally continues and the break of 151.92 resistance should confirm that medium term rally is resuming. Intraday bias stays on the upside for 152.82 high first. Next target will be 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. On the downside, below 150.85 minor support will delay the bullish case and bring some pull back first.

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.

Daily Pivots: (S1) 144.17; (P) 144.62; (R1) 145.13; More….

Intraday bias in GBP/JPY remains neutral for the moment. The corrective pattern from 148.09 short term top could extend. On the upside, above 145.78 will turn bias back to the upside for retesting 148.09 first. Meanwhile, break of 143.34 will extend the pull back from 148.09 to 61.8% retracement at 140.35. Overall, we’d still expect the rise from 122.36 to resume after pull back from 148.09 completes. Break of 148.09 will target 150.42 long term fibonacci level first.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

Daily Pivots: (S1) 181.20; (P) 181.68; (R1) 182.13; More…

Intraday bias in GBP/JPY is turned neutral as retreat from 182.10 is extending lower. Downside of retreat should be contained above 174.33 to bring another rally. Break of 182.10 will resume larger up trend to 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36.

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.

Daily Pivots: (S1) 129.69; (P) 130.48; (R1) 131.65; More…

Break of 131.41 minor resistance suggests that a temporary low is formed at 129.27. Intraday bias is turned neutral first. Further decline is expected as long as 133.18 resistance holds. Break of 129.27 will target 61.8% retracement of 123.94 to 135.74 at 128.44. Firm break there will target a test on 123.94 low. However, break of 133.18 will invalidate our bearish view and turn bias back to the upside for 135.74 resistance.

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.