Daily Pivots: (S1) 140.25; (P) 140.63; (R1) 141.14; More.,.

GBP/JPY is still staying below 141.28 resistance and intraday bias remains neutral first. With 139.44 minor support intact, another rise is mildly in favor. On the upside, break of 141.28 will extend the choppy rise from 133.03 to retest 141.71 high. However, below 139.44 minor support will be the first sign of short term reversal. Intraday bias will be turned to the downside for 136.96 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.

Daily Pivots: (S1) 182.73; (P) 182.99; (R1) 183.39; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Outlook is unchanged that corrective pattern from 183.99 has completed with three waves down to 176.29. Above 183.23 will target 183.99 resistance first. Decisive break there will resume larger up trend. However, break of 180.85 will turn bias to the downside to extend the corrective pattern from 183.99 with another falling leg.

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) 147.01; (P) 147.70; (R1) 148.39; More…

GBP/JPY is staying in tight range below 148.87 and intraday bias remains neutral for more consolidation. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next. On the downside, though, break of 143.72 support will indicate near term reversal and turn outlook bearish for 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) 137.51; (P) 138.51; (R1) 140.06; More…

Range trading continues in GBP/JPY and intraday bias remains neutral for the moment. On the upside, firm break of 140.70 will resume the choppy rebound from 133.03 for retesting 141.71 high. On the downside, though, break of 136.78 will turn bias to the downside for 134.40 support first.

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) 150.56; (P) 151.04; (R1) 151.61; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, firm break of 151.38 will turn bias to the upside for 153.42 resistance first. Break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, decisive break of 149.03 support will carry larger bearish implication and target 143.78 fibonacci level next.

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) 145.83; (P) 146.72; (R1) 147.28; More…

GBP/JPY’s fall from 149.30 is still in progress and intraday bias stays on the downside. As noted before, consolidation pattern from 143.18 could have completed at 149.30 already. Deeper fall would be seen back to 143.18/76 support zone. On the upside, above 147.65 minor resistance will turn bias back to the upside for 149.30/99 resistance zone instead.

In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

GBP/JPY dropped notably last week and initial bias stays on the downside this week. Deeper fall could be seen to 159.97 support. Firm break there will raise the chance of rejection by 167.93 long term fibonacci resistance. Deeper fall would be seen to 155.57 support for confirmation. On the upside, above 164.13 minor resistance will bring retest of 168.67 high instead.

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 155.57 support holds, even in case of deep pull back.

In the longer term picture, rise from 122.75 could be the third leg the the pattern from 116.83 (2011 low). Further rise will remain in favor as long as 55 month EMA (now at 149.84) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the way to 195.86 (2015 high).

Daily Pivots: (S1) 149.08; (P) 150.26; (R1) 150.89; More…

Intraday bias in GBP/JPY is turned neutral again. On the downside, break of 149.52 will resume fall from 158.19 to 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.

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) 142.78; (P) 144.44; (R1) 145.40; More…

Intraday bias in GBP/JPY stays neutral as correction from 147.95 is extending. Downside is still expected to be contained above 142.47 support to bring rise resumption. On the upside, above 147.95 will target 148.87 structural resistance first. Break will target 156.59 key resistance next. However, break of 142.47 will indicate short term topping and bring deeper pull back to 139.31 support.

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. Rejection from there will extend long term range trading. Decisive break of 156.69 will carry long term bullish implications.

Daily Pivots: (S1) 133.86; (P) 134.03; (R1) 134.37; More…

Intraday bias in GBP/JPY remains mildly on the upside for the moment. Further rise would be seen to 136.34 resistance first. Break there will confirm completion of pull back from 139.73 and bring retest of this high. On the downside, break of 131.95 support would resume the decline through 131.68 to 129.27 key support.

In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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) 132.47; (P) 132.90; (R1) 133.33; More…

Intraday bias in GBP/JPY remains neutral 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).

Daily Pivots: (S1) 174.09; (P) 174.31; (R1) 174.70; More…

GBP/JPY’s up trend resumes by breaking through 174.66 temporary top. Intraday bias is back on the upside. Next target is 100% projection of 148.93 to 172.11 from 155.33 at 178.51. On the downside, break of 172.64 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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 167.82 support holds, even in case of deep pull back.

Daily Pivots: (S1) 145.70; (P) 146.65; (R1) 147.23; More…

GBP/JPY’s break of 145.67 resistance turned support now suggests that whole rise from 139.88 has completed at 149.70 already. Intraday bias is now on the downside for 142.59 support first. Break will target 139.88 low next. On the upside, break of 147.57 resistance is needed to indicate completion of fall from 149.70. Otherwise, near term outlook will now stay mildly bearish even in case of recovery.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish.

Daily Pivots: (S1) 144.88; (P) 145.58; (R1) 146.46; More…

GBP/JPY is staying in tight range above 144.37 and intraday bias remains neutral for the moment. On the downside, below 144.37 will target 143.18 first. Break will resume larger decline from 156.59 and target 139.25/47 cluster support level. However, break of 148.10 will resume the rebound from 143.18 and that will also be the first sign of near term reversal.

In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

Daily Pivots: (S1) 139.09; (P) 139.71; (R1) 140.34; More…

Intraday bias in GBP/JPY remains neutral at this point. On the upside, break of 140.70 resistance will resume the choppy rebound from 133.03. Intraday bias will be turned to the upside for retesting 142.71 high. On the downside, break of 137.90 will revive the case that corrective rise from 133.03 has completed. Intraday bias will be turned back to the downside for 134.40 support.

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 dropped to 133.85 last week but recovered since then. As a temporary was formed, initial bias is neutral this week for some consolidations first. But upside of recovery should be limited by 136.05 resistance to bring fall resumption. Break of 133.85 will extend 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) 183.81; (P) 184.34; (R1) 184.53; More…

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Risk will stays on the downside as long as 186.75 resistance holds. Corrective pattern from 186.75 would extend with another falling leg before completion. On the downside, break of 183.35 will resume the correction from 186.75 short term top to 55 D EMA (now at 181.42) 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.

Daily Pivots: (S1) 185.98; (P) 186.51; (R1) 187.37; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. Rebound from 184.44 would extend to retest 188.26 high first. Decisive break there will resume larger up trend. On the downside though, below 184.44 support will resume the fall from 188.26 to 183.79 resistance turned support.

In the bigger picture, as long as 180.74 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 180.74 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.

Daily Pivots: (S1) 189.90; (P) 190.63; (R1) 191.08; More…..

Intraday bias in GBP/JPY is mildly on the downside as fall from 193.51 short term top extends. Deeper decline would be seen towards 187.94 structural support. On the upside, break of 191.65 minor resistance will turn bias back to the upside for retesting 193.51.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

Daily Pivots: (S1) 138.54; (P) 139.25; (R1) 139.70; More…

Intraday bias in GBP/JPY stays neutral and further rise is still in favor with 137.84 support intact. Rise from 123.94 has just resumed and break of 140.20 will target 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, break of 137.84 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for pull back.

In the bigger picture, rise from 123.94 is still 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.