Daily Pivots: (S1) 181.90 (P) 182.35; (R1) 183.14; More…

Immediate focus is no won 183.00 resistance in GBP/JPY. Firm break there will argue that the pull back from 187.65 has completed, and turn bias back to the upside for retesting this high. On the downside, below 180.26 minor support will turn bias back to the downside for 178.02 again.

In the bigger picture, fall from 186.75 is currently 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) 144.16; (P) 144.61; (R1) 145.09; More…

At this point, further rise is in favor in GBP/JPY. But we’d expect strong resistance from trend line (now at 146.64) to limit upside, at least on first attempt. On the downside, firm break of 141.00 support 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) 134.73; (P) 135.29; (R1) 135.63; More…

GBP/JPY’s decline resumes by breaking 135.08 temporary low and reaches as low as 133.96 so far. Intraday bias is back on the downside. Current fall from 148.87 should target 131.51 low next. On the upside, break of 136.50 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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) 139.41; (P) 140.06; (R1) 140.63; More…

GBP/JPY’s break of 138.23 support argues that corrective rise from 133.03 has completed, on bearish divergence condition in 4 hour MACD. The pattern from 142.71 might be starting another falling leg. Intraday bias is back on the downside for 137.19 support first. Firm break there will add more credence to this bearish case and target 133.03/134.40 support zone. This will remain the favored case as long as 140.70 resistance holds, in case of recovery.

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) 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.

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) 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) 188.94; (P) 189.49; (R1) 190.38; More…..

Intraday bias in GBP/JPY remains on the upside at this point. Correction from 191.29 should have completed at 187.94 already. Further rise should be seen to retest 191.29 high first. Decisive break there will bring larger up trend resumption. On the downside, below 188.56 minor support will turn bias back to the downside to resume the correction instead.

In the bigger picture, up trend from 123.94 (2020 low) is 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) 183.93; (P) 184.60; (R1) 185.13; More…

Intraday bias in GBP/JPY remains neutral for the moment. Price actions from 186.75 are viewed as a corrective pattern. Another fall could still be seen and break of 183.35 will turn bias to the downside for 55 D EMA (now at 181.54). Nevertheless, firm break of 186.75 will resume larger up trend.

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) 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.

GBP/JPY stayed in consolidation pattern from 168.40 last week and started another falling leg. Initial bias is mildly on the downside this week for 159.42 support. But downside should be contained there to bring rebound. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support next.

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.

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 150.68) 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) 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) 159.85; (P) 160.86; (R1) 161.77; More…

Immediate focus in now on 158.54 support in GBP/JPY with today’s decline. 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. However, break of 164.12 resistance will bring stronger rise back to 165.99 resistance.

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.

Daily Pivots: (S1) 155.35; (P) 156.07; (R1) 156.52; More…

GBP/JPY’s break of 155.11 minor support should confirm rejection by 158.19 resistance. Fall from 158.03 is seen as the third leg of the corrective pattern from 158.19. Intraday bias is back on the downside for 152.88 support firm. Break will target 148.94 support next. For now, risk will stay on the downside as long as 156.75 minor resistance holds, in case of recovery.

In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.

Daily Pivots: (S1) 150.05; (P) 150.89; (R1) 151.34; More…

GBP/JPY’s rebound from 148.94 should have completed at 152.60. Intraday bias is mildly on the downside for 148.94 first. Break there will resume larger fall from 158.19 to 145.10 medium term fibonacci level next. On the upside, break of 151.06 will delay the bearish case and turn intraday bias neutral first.

In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low). Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least

Daily Pivots: (S1) 141.81; (P) 142.14; (R1) 142.57; More…

Intraday bias in GBP/JPY remains neutral and corrective pattern from 147.95 is still extending. 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.

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) 134.62; (P) 135.28; (R1) 135.92; More…

Intraday bias in GBP/JPY remains neutral at this point. As long as 137.83 resistance holds, further decline is in favor. Below 134.40 will target 133.03 support first. Break there will resume larger fall from 142.71 to 61.8% retracement of 123.94 to 142.71 at 131.11.

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) 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.