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) 149.14; (P) 150.18; (R1) 150.72; More…

Intraday bias in GBP/JPY is turned neutral with current recovery. But further decline is expected as long as 151.38 resistance holds. Decisive break there will carry larger bearish implication and target 143.78 fibonacci level next. On the upside, above 151.38 minor resistance will turn bias back to the upside for 153.42 resistance instead.

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) 145.23; (P) 145.84; (R1) 146.70; More…

GBP/JPY is staying in consolidation below 148.87 and intraday bias remains neutral. On the downside, decisive break of 143.72 support 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. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next.

In the bigger picture, focus is now staying on 149.98 key resistance. Decisive break there should confirm that 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) 143.90; (P) 144.32; (R1) 144.59; More…

Intraday bias in GBP/JPY stays on the downside for 143.18 key support. Deceive break there will resume larger decline from 156.59 and target 139.29/47 key support level next. On the upside, 144.72 minor resistance will turn intraday bias neutral first. But outlook will stay mildly bearish as long as 147.13 resistance holds.

In the bigger picture, decline from 156.59 is seen as 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) 141.84; (P) 142.52; (R1) 143.07; More

Intraday bias in GBP/JPY remains neutral for the moment. With 144.01 support turned resistance intact, near term outlook stays mildly bearish for deeper decline. Break of 141.24 will extend the fall from 147.76 to 138.65 support and below. As GBP/JPY is seen as staying in consolidation pattern from 148.42, we’d expect strong support from 135.58 to contain downside. On the upside, break of 144.01 will indicate completion of the decline from 147.76 and turn bias back to the upside.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. But we’d expect strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Medium term rise from 122.36 is still expected to resume later. And break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. However, firm break of 135.58/39 will dampen the bullish view and turn focus back to 122.36 low.

Daily Pivots: (S1) 180.15; (P) 181.45; (R1) 182.44; More…

Intraday bias in GBP/JPY stays neutral first. Firm break of 180.85 will extend the corrective pattern from 183.99 with another falling leg. Intraday bias will be turned to the downside for 176.22 support. On the upside, decisive break of 183.99 will resume larger up trend.

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) 149.72; (P) 150.39; (R1) 151.60; More

GBP/JPY recovers after drawing support from 4 hour 55 EMA. Intraday bias is turned neutral first. Above 151.38 will target 152.82 high. Decisive break there will confirm medium term rally resumption. On the downside, below 148.88 support will extend the consolidation from 152.82 with another fall. But downside should be contained by 61.8% retracement of 139.29 to 152.82 at 144.45 and bring rebound.

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) 174.11; (P) 174.94; (R1) 175.52; More…

Further rise is expected in GBP/JPY with 172.64 support intact, despite current retreat. Further rise should be seen to 100% projection of 148.93 to 172.11 from 155.33 at 178.51 next. Strong resistance could be seen from there to bring pull back, at least on first attempt. But 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) 133.87; (P) 134.54; (R1) 135.02; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, break of 136.34 minor resistance will extend the rebound from 133.50 to retest 139.73 high. On the downside, sustained break of 55 day EMA (now at 134.40) will argue that whole rebound from 123.94 has completed. Fall from 139.73 should then target 129.27 support to confirm this bearish case.

In the bigger picture, we’re still seeing price actions from 122.75 (2016 low) are seen 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) 141.84; (P) 142.64; (R1) 143.83; More…

GBP/JPY’s consolidation from 141.17 is still in progress and intraday bias remains neutral. As long as 144.02 support turned resistance holds, another decline remains mildly in favor. Below 141.17 will target 139.29/47 key support zone. However, considering bullish convergence condition in 4 hour MACD, decisive break of 144.02 will suggest near term reversal. Stronger rally should then be seen to 55 day EMA (now at 145.24) and above.

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) could 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. In that case, next target is 61.8% retracement at 135.43.

Daily Pivots: (S1) 135.47; (P) 136.33; (R1) 136.87; More…

GBP/JPY is still holding above 135.66 minor support. Intraday bias remains neutral and further rise is still in favor. 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’s fall from 147.95 resumed last week and accelerated to as low as 137.52. The strong break of 139.31 support raises the chance of rejection from 148.87 resistance and bearish reversal. Initial bias remains on the downside this week for 61.8% retracement of 126.54 to 147.95 from 134.71 next. On the upside, above 139.82 minor resistance will turn intraday bias neutral first. But risk will remain on the downside for now, as long as 144.95 resistance holds.

In the bigger picture, Rejection by 148.87 resistance argues that rise from 126.54 is probably just third third leg of the consolidation pattern from 122.75 (2016 low). Medium term outlook is turned neutral first. Break of 126.54 support would resume larger down trend from 195.86 (2015 high) through 122.75 low.

In the longer term picture, in spite of the current strong rally, there is no confirmation of long term bullish reversal yet. Focus is now on 156.59 key resistance. As long as it holds, another decline through 122.75 could still be seen. But firm break of 156.69 should at least bring further rally to 61.8% retracement of 195.86 to 122.75 at 167.93.

Daily Pivots: (S1) 183.29; (P) 183.65; (R1) 184.15; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Break of 182.12 support will turn bias back to the downside for deeper correction. But downside should be contained above 172.30 resistance turned support to bring another rally. On the upside, break of 183.99 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.

GBP/JPY dropped further to as low as 139.88 last week but turned sideway ahead of 139.29/47 key support level. Initial bias remains neutral this week first. As long as 142.46 minor resistance holds, deeper fall is still in favor. Sustained break of 139.29 will carry larger bearish implication and target 135.58 support next. Though, break of 142.46 will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for stronger rebound.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be 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).

In the longer term picture, the failure to sustain above 55 month EMA (now at 152.88) is mixing up the outlook. Nonetheless, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead.

Daily Pivots: (S1) 139.36; (P) 140.18; (R1) 140.76; More…

Intraday bias in GBP/JPY remains neutral first as consolidation form 142.71 is extending. With 138.24 support intact, further rise is still expected. On the upside, break of 142.71 will target 138.2% projection of 123.94 to 135.74 from 129.27 at 145.57 next. On the downside, however, break of 138.24 support will confirm short term topping, and turn bias back to the downside for 55 day EMA (now at 137.96).

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.

Daily Pivots: (S1) 134.49; (P) 134.75; (R1) 134.94; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 133.85 temporary low. 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.

Daily Pivots: (S1) 183.55; (P) 184.05; (R1) 184.57; More…

Intraday bias in GBP/JPY remains neutral as consolidation continues below 186.75. ON the upside, above 186.04 will argue that larger up trend is ready to resume through 186.75. On the downside, however, break of 183.51 will bring deeper correction to 55 D EMA (now at 181.87).

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) 164.70; (P) 165.35; (R1) 166.51; More…

GBP/JPY’s rally resumed after brief consolidations and intraday bias is back on the upside. The break of 166.31 resistance suggests that larger up trend is ready to resume. Further rise should be seen to retest 168.67 high first. Decisive break there will confirm and target 100% projection of 155.57 to 168.67 from 159.42 at 172.42. On the downside, below 164.28 minor support will mix up the outlook and turn 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. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 182.31; (P) 183.23; (R1) 183.93; More…

GBP/JPY’s fall from 186.75 is extending and further decline is expected as long as 184.39 resistance holds. 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 suggest 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, 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) 144.67; (P) 145.68; (R1) 146.35; More…

GBP/JPY’s fall extends to as low as 144.69 so far and intraday bias remains on the downside for 143.18 low. As noted before, consolidation pattern from 143.18 has completed with three waves up to 149.30 already. Break of 143.18 will extend larger fall from 156.69 to key support level at 139.29/47. On the upside, above 145.53 minor resistance will turn intraday bias remains neutral first. But near term outlook will stay bearish as long as 147.13 resistance holds.

In the bigger picture, decline from 156.59 is seen as 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.