Daily Pivots: (S1) 138.89; (P) 139.73; (R1) 140.39; More…

GBP/JPY’s decline from 148.20 accelerated by breaking the channel line decisively. 38.2% retracement of 122.36 to 148.42 at 138.46 was also taken out firmly. The development suggests that whole corrective rise from 122.36 has completed at 148.42. Intraday bias stays on the downside for 61.8% retracement at 132.31 and below. On the upside, break of 142.16 support turned resistance is needed to indicate completion of such decline. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, price actions from 122.36 medium term bottom are seen as developing into a corrective pattern. Upside is so far limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range. At this point, we don’t expect a break of 122.36 in near term and the corrective pattern would extend for a while.

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GBP/JPY’s fall from 148.42 resumed last week and initial bias stays on the downside this week for 38.2% retracement of 122.36 to 148.42 at 138.46. Sustained trading below 138.46 will affirm the case that corrective rise from 122.36 has completed at 148.42 already. In that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 142.16 support turned resistance will turn bias to the upside for 145.38 resistance and above.

In the bigger picture, price actions from 122.36 medium term bottom are seen as developing into a corrective pattern. Upside is so far limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range. At this point, we don’t expect a break of 122.36 in near term and the corrective pattern would extend for a while.

In the longer term picture, while price actions from 122.36 would develop into a medium term correction, fall from 195.86 is still seen as resuming the down trend from 251.09 (2007 high). Hence, after the correction from 122.36 completes we’d expect another fall through 116.83 low.

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Daily Pivots: (S1) 138.61; (P) 139.80; (R1) 140.68; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.42 short term top is in progress. Further decline should be seen to 38.2% retracement of 122.36 to 148.42 at 138.46. As note before, rise from 122.36 is seen as a corrective move. Sustained trading below 138.46 and downside acceleration will indicate that such correction is finished too. And in that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 142.16 support turned resistance is needed to indicate completion of the fall from 148.42. Otherwise, near term outlook stays bearish in case of recovery.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Price actions from there are expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 140.07; (P) 140.77; (R1) 141.60; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.42 short term top is in progress. Further decline should be seen to 38.2% retracement of 122.36 to 148.42 at 138.46. As note before, rise from 122.36 is seen as a corrective move. Sustained trading below 138.46 and downside acceleration will indicate that such correction is finished too. And in that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 145.38 resistance is needed to confirm completion of the fall from 148.42. Otherwise, near term outlook stays bearish in case of recovery.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Price actions from there are expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 140.23; (P) 140.84; (R1) 141.51; More…

Intraday bias in GBP/JPY remains on the downside as fall from 148.42 short term top is in progress. Further decline should be seen to 38.2% retracement of 122.36 to 148.42 at 138.46. As note before, rise from 122.36 is seen as a corrective move. Sustained trading below 138.46 and downside acceleration will indicate that such correction is finished too. And in that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 145.38 resistance is needed to confirm completion of the fall from 148.42. Otherwise, near term outlook stays bearish in case of recovery.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Price actions from there are expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 140.18; (P) 142.01; (R1) 142.99; More…

GBP/JPY’s fall from 148.42 resumed by taking out 142.16 and reaches as low as 140.60 so far. The development confirms short term topping at 148.42 too. Intraday bias is back on the downside for 38.2% retracement of 122.36 to 148.42 at 138.46. As note before, rise from 122.36 is seen as a corrective move. Sustained trading below 138.46 and downside acceleration will indicate that such correction is finished too. And in that case, deeper fall should be seen to 61.8% retracement at 132.31 and below. On the upside, break of 145.38 resistance is needed to confirm completion of the fall from 148.42. Otherwise, near term outlook stays bearish in case of recovery.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Price actions from there are expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 143.02; (P) 143.53; (R1) 144.10; More…

Intraday bias in GBP/JPY remains neutral for the moment. Rise from 122.36 is seen as a corrective move. Below 142.16 will affirm the case that it’s completed at 148.42. In that case, intraday bias will be turned to the downside for 55 day EMA (now at 140.62) and below. Break of 148.42 will extend the rise from 122.36. But we’d expect strong resistance from 150.43 long term fibonacci level to limit upside.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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GBP/JPY stayed in right range above 142.16 last week and outlook is unchanged. Initial bias remains neutral this week first. Rise from 122.36 is seen as a corrective move. Below 142.16 will affirm the case that it’s completed at 148.42. In that case, intraday bias will be turned to the downside for 55 day EMA (now at 140.43) and below. Break of 148.42 will extend the rise from 122.36. But we’d expect strong resistance from 150.43 long term fibonacci level to limit upside.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

In the longer term picture, while price actions from 122.36 would develop into a medium term correction, fall from 195.86 is still seen as resuming the down trend from 251.09 (2007 high). Hence, after the correction from 122.36 completes we’d expect another fall through 116.83 low.

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Daily Pivots: (S1) 142.24; (P) 143.44; (R1) 144.40; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 142.16 support should confirm short term topping and bring decline to 55 day EMA (now at 140.54) and below. Break of 148.42 will extend the larger rise from 122.36, Still, such rally is seen as a corrective move. Hence, we’d expect strong resistance from 150.43 long term fibonacci level to limit upside.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 143.76; (P) 144.34; (R1) 145.01; More…

GBP/JPY failed to sustain above 4 hours 55 EMA and intraday bias is turned neutral again On the downside, break of 142.16 support should confirm short term topping and bring decline to 55 day EMA (now at 140.33) and below. Break of 148.42 will extend the larger rise from 122.36, Still, such rally is seen as a corrective move. Hence, we’d expect strong resistance from 150.43 long term fibonacci level to limit upside.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 143.25; (P) 144.32; (R1) 145.15; More…

Intraday bias in GBP/JPY is mildly on the upside for 148.42 resistance. Pull back from there could have completed at 142.16 already. Break of 148.42 will resume the larger rise from 122.36. Still, such rally is seen as a corrective move. Hence, we’d expect strong resistance from 150.43 long term fibonacci level to limit upside. Break of 142.16 should confirm short term topping and bring decline to 55 day EMA (now at 140.33) and below.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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Daily Pivots: (S1) 143.19; (P) 143.89; (R1) 145.12; More…

Break of 144.69 minor resistance argues that pull back from 148.42 is finished at 142.16. Intraday bias in GBP/JPY is turned back to the upside for 148.42. Break there will extend the whole rise from 122.36. Still, such rally is seen as a corrective move. Hence, we’d expect strong resistance from 150.43 long term fibonacci level to limit upside. Break of 142.16 should confirm short term topping and bring decline to 55 day EMA (now at 140.03) and below.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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