Daily Pivots: (S1) 152.44; (P) 152.94; (R1) 153.36; More…

GBP/JPY lost upside momentum ahead of 153.46 resistance and intraday bias is turned neutral first. Another rise is expected as long as 151.55 support holds. Firm break of 153.46 will pave the way back to retest 156.05 high. On the downside, break of 151.55 minor support will turn intraday bias back to the downside for 148.43 support instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains on 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, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

Daily Pivots: (S1) 165.22; (P) 165.80; (R1) 166.88; More…

Intraday bias in GBP/JPY stays neutral first and outlook is unchanged. Strong rebound from current level, followed by break of 166.06 minor resistance will turn bias back to the upside for retesting 172.11 high. However, sustained trading below 38.2% retracement of 148.93 to 172.11 at 163.25 will bring deeper decline to 61.8% retracement at 157.78 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 123.94 (2020 low) could still resume through 172.11 high at a later stage. However, firm break of 159.71 support will argue that it’s already in correction to the up trend from 123.94, and deeper decline would be seen back towards 148.93 support.

Daily Pivots: (S1) 153.40; (P) 153.80; (R1) 154.56; More…

Intraday bias in GBP/JPY is neutral for the moment with focus on 154.63 minor resistance. Firm break there will argue that pull back from 158.19 has completed. Intraday bias will be turned back to the upside for retesting 158.19 high. On the downside, break of 152.35 will resume the fall towards 148.93 key support instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.

Daily Pivots: (S1) 153.77; (P) 154.30; (R1) 154.91; More…

Intraday bias in GBP/JPY remains on the upside and outlook is unchanged. As noted before, corrective pattern from 156.05 should have completed after defending 149.03 key support. Further rise would be seen to retest 156.05 high. On the downside, below 153.66 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

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 (2018 high). Fall from 156.05 would at least be correcting the whole rise from 123.94 (2020 low). Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 151.47; (P) 151.82; (R1) 152.21; More…

GBP/JPY is staying in tight range below 152.27 temporary top and intraday bias remains neutral first. On the upside, break of 152.27 will resume the rise from 149.16 to 153.42 resistance first. Decisive break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, break of 151.32 minor support will turn bias back to the downside for 149.16 support 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.

GBP/JPY rose to as high as 153.39 but formed a temporary top there and retreated. Initial bias is neutral this week. Prior break of 152.82 resistance suggests up trend resumption. Further rise is expected as long as 149.74 support holds. Break of 153.39 will 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.

In the longer term picture, current rebound argues that the down trend from 195.86 (2015 high) has already completed at 122.36. Focus is now on 55 month EMA (now at 154.89). Firm break there will suggest that rise form 122.36 is developing into a long term move that target 195.86 again. And, price actions from 116.83 (2011 low) is indeed a sideway pattern that could last more than a decade. However, firm break of 139.29 will suggests that the long term down trend is still in progress and could break 116.83 low ahead.

Daily Pivots: (S1) 189.31; (P) 189.85; (R1) 190.49; More…..

Intraday bias in GBP/JPY remains neutral for the moment. Corrective pattern from 191.29 could still extend. Break of 188.02 minor support will bring deeper fall to 38.2% retracement of 178.32 to 191.29 at 186.33, as a correction to rise from 178.32. Nevertheless, on the upside, decisive break of 191.29 will resume larger up trend.

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) 163.18; (P) 163.76; (R1) 164.92; More…

GBP/JPY’s rebound from 155.33 resumes by breaking 163.73 and intraday bias is back on the upside. Corrective fall from 172.11 should have completed at 155.33 already. Further rally should be seen to 169.26 resistance first, and then 172.11 high. For now, outlook will stay cautiously bullish as long as 161.18 support holds, in case of retreat.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 intact, 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) 141.70; (P) 141.97; (R1) 142.31; More…

Outlook in GBP/JPY is unchanged and further rise is expected with 140.31 support intact. Decisive break of 142.71 will resume whole rally from 123.94 for 147.95 key resistance. Nevertheless, break of 140.31 support will indicate short term topping and turn bias back to the downside.

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) 139.50; (P) 139.97; (R1) 140.66; More

A temporary low is in place at 139.39 and intraday bias is turned neutral first. Deeper decline is mildly in favor as long as 143.18 resistance holds. Fall from 147.76 could extend through 138.65 support towards 135.58 key support level. At this point, price actions from 148.42 are seen as a sideway consolidation pattern. Hence, we’ll expect strong support from 135.58 to contain downside and bring rebound. Meanwhile, break of 143.18 will indicate short term reversal and turn bias back to the upside.

In the bigger picture, the sideway pattern from 148.42 is extending with another leg. 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) 158.96; (P) 159.58; (R1) 160.42; More…

Intraday bias in GBP/JPY remains neutral at this point. On the downside, break of 155.57 will extend the correction towards 150.96 key structural support. Nevertheless, on the upside, firm break of 162.16 will indicate that the correction has completed, and bring retest of 168.40 high 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 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) 147.53; (P) 149.54; (R1) 152.53; More

Intraday bias in GBP/JPY remains on the upside for the moment. Current medium term rise from 122.36 should target 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39 next. On the downside, below 150.12 minor support will turn intraday bias neutral and bring consolidation before staging another rally.

In the bigger picture, the consolidation from 148.42 should have completed and medium term rebound from 122.36 is resuming. 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. For now, the bullish scenario is preferred as long as 139.29 support holds.

Daily Pivots: (S1) 141.59; (P) 141.91; (R1) 142.46; More…

GPB/JPY is still bounded in consolidation from 142.23 which could extend. Intraday bias stays neutral first. With 140.31 intact, further rise is in favor. Firm break of 142.23/71 resistance zone will resume whole rise from 123.94 to 147.95 key resistance next. On the downside, through, considering bearish divergence condition in 4 hour MACD, break of 140.31 will confirm short term topping at 142.34, and rejection by 142.71. Intraday will will be turned back to the downside for 139.96 support next.

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) 182.62; (P) 182.98; (R1) 183.50; More…

GBP/JPY’s fall from 186.75 is in progress and intraday bias stays on the downside. Sustained trading below 55 D EMA (now at 182.49) 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 argue 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, 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 turn outlook neutral for lengthier and deeper consolidations.

Daily Pivots: (S1) 139.17; (P) 139.66; (R1) 140.13; More….

GBP/JPY rises to as high as 141.88 so far today. The strong break of 140.08 resistance should affirm our bullish view. That is, consolidation pattern from 148.42 has completed with three waves down to 135.58, after hitting 135.39 fibonacci level. Intraday bias is back on the upside and current rise should extend to 144.77 resistance next. On the downside, break of 139.19 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. As long as 50% retracement of 122.36 to 148.42 at 135.39 holds, another rising leg would be seen to 38.2% retracement of 195.86 to 122.36 at 150.42 and possibly above. However, firm break of 135.39 will bring retest of 122.36, with prospect of resuming the larger down trend from 195.86.

Daily Pivots: (S1) 145.29; (P) 145.87; (R1) 146.79; More…

GBP/JPY rebounds strongly today but stays in range below 148.87. Intraday bias remains neutral first. As long as 143.72 support holds, further rise is in favor. On the upside, decisive break of 149.48 key resistance will carry larger bullish implication and target 156.58 resistance next. However. 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 now 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) 136.58; (P) 137.15; (R1) 137.48; More…

Intraday bias in GBP/JPY remains on the downside as choppy fall from 144.77 continues. The cross should target medium term fibonacci level at 135.39. At this point, price actions from 148.42 are viewed as a correction. Hence, we’d anticipate strong support from 135.39 to bring rebound. On the upside, break of 138.25 minor resistance will turn bias to the upside for 140.08 resistance. Break will indicate near term reversal. However, sustained break of 135.39 will target 61.8% retracement at 132.31.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Or, sustained break of 50% retracement of 122.36 to 148.42 at 135.39 will turn outlook bearish for a test on 122.36 low. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement of 195.86 to 122.36 at 167.78.

Daily Pivots: (S1) 150.96; (P) 151.26; (R1) 151.69; More…

Intraday bias in GBP/JPY remains mildly on the downside for the moment. Deeper fall would be seen back to 148.43/149.16 support zone. Decisive break there will resume whole decline from 156.05 high, and carry larger bearish implications. On the upside, though, break of 152.82 will resume the rebound to 153.42 near term structural resistance.

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) 163.18; (P) 163.76; (R1) 164.92; More…

GBP/JPY rises to as high as 165.52 so far and intraday bias remains on the upside. As noted before, corrective fall from 172.11 should have completed at 155.33 already. Rise from 155.33 should target 169.26 resistance first, and then 172.11 high. On the downside, below 163.73 minor support will turn intraday bias neutral and bring consolidations. But outlook will stay cautiously bullish as long as 161.18 support holds.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 intact, 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.

GBP/JPY stays in sideway trading below 183.79 last week and outlook is unchanged. Initial bias remains neutral this week first. 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.

In the longer term picture, rise from 122.75 (2016 low) in still in progress but started losing upside momentum as seen in W MACD. Further rise will remain in favor, though, as long as 176.29 support holds, to retest 195.86 (2015 high).