GBP/JPY dropped sharply to as low as 142.22 last week and broke 143.72 key support decisively. The development argues that whole rebound from 131.51 has completed at 148.87 already, ahead of 149.48 key resistance. Though, as a temporary low was formed just ahead of 38.2% retracement of 131.51 to 148.87 at 142.23, initial bias will be neutral this week for some consolidations first. Upside of recovery should be limited below 146.50 resistance to bring another decline. On the downside, break of 142.22 will resume the decline from 148.87 to 61.8% retracement at 138.14 next.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back 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) 142.23; (P) 142.74; (R1) 143.25; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Sustained break of 38.2% retracement of 131.51 to 148.87 at 142.23 will target 61.8% retracement at 138.14. On the upside, above 143.76 minor resistance will turn bias neutral and bring consolidation, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 142.76; (P) 143.49; (R1) 143.95; More…

GBP/JPY’s decline extends to as low as 142.22 so far. Intraday bias remains on the downside for further decline. As noted before, whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Sustained break of 38.2% retracement of 131.51 to 148.87 at 142.23 will target 61.8% retracement at 138.14. On the upside, above 143.76 minor resistance will turn bias neutral and bring consolidation, before staging another fall.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 143.53; (P) 144.45; (R1) 145.05; More…

GBP/JPY drops sharply to as low as 143.03 so far today. Firm break of 143.72 support suggests that whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Intraday bias is now on the downside for 38.2% retracement of 131.51 to 148.87 at 142.23 first. Break will target 61.8% retracement at 138.14. On the upside, in case of recovery, near term outlook will stay cautiously bearish as long as 146.50 resistance holds.

In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.

Daily Pivots: (S1) 143.53; (P) 144.45; (R1) 145.05; More…

Intraday bias in GBP/JPY remains on the downside with focus on 143.72 key support. Decisive break there will be a strong sign of bearish reversal. That is, whole rebound from 131.51 has completed. Deeper fall should then be seen to 141.00 key support for confirmation. On the upside, above 144.80 minor resistance will turn intraday bias neutral first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 144.68; (P) 145.52; (R1) 146.04; More…

Break of 144.80 minor support suggests that rebound from 143.76 has completed at 146.50 already. Intraday bias in GBP/JPY is turned back to the downside for 143.72 key support level. Decisive break there will be a strong sign of bearish reversal. That is, whole rebound from 131.51 has completed. Deeper fall should then be seen to 141.00 key support for confirmation.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 144.68; (P) 145.52; (R1) 146.04; More…

Intraday bias in GBP/JPY remains neutral with focus on 144.80 minor support. Further rise is still in favor with 144.80 intact. On the upside, break of 146.50 resistance will solidify that case that consolidation from 148.87 has completed. Further rise should be seen to retest 148.87/149.48 resistance zone next. On the downside, though, firm break of 144.80 minor support will turn focus back to 143.72 key support.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 145.28; (P) 145.89; (R1) 146.98; More…

Despite today’s sharp retreat, further rise remains mildly in favor in GBP/JPY with 144.80 minor support intact. Break of 147.01 will solidify that case that consolidation from 148.87 has completed. Further rise should be seen to retest 148.87/149.48 resistance zone next. On the downside, though, break of 144.80 minor support will turn focus back to 143.72 key support.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

GBP/JPY’s strong rebound last week suggested that that it has defended 143.72 key support again. More importantly, the rise from 131.51 is possibly not completed yet. Initial bias is now on the upside this week for 147.01 resistance first. Break will solidify this bullish case and target 148.87/149.48 resistance zone next. On the downside, though, break of 144.80 minor support will turn focus back to 143.72 key support.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

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) 144.98; (P) 145.43; (R1) 145.78; More…

Intraday bias in GBP/JPY remains neutral first and more consolidative trading could be seen. With 143.72 support intact, near term outlook remains cautiously bullish. That is, rise from 131.51 is in favor to extend. On the upside, break of 147.19 resistance will target 148.98/149.48 resistance zone first. However, on the downside, decisive break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 145.15; (P) 145.42; (R1) 145.67; More…

With 143.72 support intact, near term outlook in GBP/JPY remains cautiously bullish. That is, rise from 131.51 is in favor to extend. On the upside, break of 147.19 resistance will target 148.98/149.48 resistance zone first. However, on the downside, decisive break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 144.45; (P) 144.91; (R1) 145.78; More…

GBP/JPY’s strong recovery suggests that 143.72 key support was defended. And near term bullishness is retained. That is, rise from 131.51 is in favor to extend. On the upside, break of 147.19 resistance will target 148.98/149.48 resistance zone first. However, on the downside, decisive break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 144.08; (P) 144.41; (R1) 144.72; More…

Intraday bias in GBP/JPY stays neutral with focus on 143.72 key support. On the downside, decisive break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first. Meanwhile, rebound from current level will retain bullishness. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 143.78; (P) 144.11; (R1) 144.47; More…

Intraday bias in GBP/JPY remains neutral at this point, with focus on 143.72 key support. On the downside, decisive break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first. Meanwhile, rebound from current level will retain bullishness. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

GBP/JPY dropped to as low as 143.76 last week but recovered ahead of 143.72 key support. Initial bias stays neutral this week first. On the downside, decisive break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first. Meanwhile, rebound from current level will retain bullishness. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

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) 143.57; (P) 144.23; (R1) 144.69; More…

Focus is now on 143.72 key support in GBP/JPY. Decisive break there will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first. Meanwhile, rebound from current level will retain bullishness. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 144.42; (P) 144.72; (R1) 145.05; More…

Intraday bias in GBP/JPY remains neutral as it’s staying in range of 143.72/148.87. For now, further rise remains in favor as long as 143.72 support holds. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next. However, on the downside, sustained break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 144.32; (P) 144.97; (R1) 145.36; More…

No change in GBP/JPY’s outlook as it’s staying in range of 143.72/148.87. Intraday bias remains neutral and more sideway trading could be seen. For now, further rise remains in favor as long as 143.72 support holds. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next. However, on the downside, sustained break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 145.16; (P) 145.34; (R1) 145.47; More…

Intraday bias in GBP/JPY remains neutral as it’s staying in consolidation from 148.87. More sideway trading could be seen. For now, further rise remains in favor as long as 143.72 support holds. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next. However, on the downside, sustained break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

Daily Pivots: (S1) 145.85; (P) 146.09; (R1) 146.34; More…

GBP/JPY is still bounded in consolidation from 148.87 and intraday bias remains neutral. More sideway trading could be seen. For now, further rise remains in favor as long as 143.72 support holds. Decisive break of 149.48 key resistance will carry larger bullish in implications and target 156.58 resistance next. However, on the downside, sustained break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.