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Daily Pivots: (S1) 145.46; (P) 146.79; (R1) 147.61; More...

Intraday bias in USD/JPY remains neutral and more consolidations could be seen above 144.54. IN case of another recovery, upside should be limited below 151.28 resistance. On the downside, below 144.54 will resume the fall from 158.86 and target 61.8% projection of 158.86 to 146.52 from 151.20 at 143.57. Break there will target 139.57 low.

In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low), with fall from 158.86 as the third leg. Strong support should be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound. However, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.

Daily Pivots: (S1) 1.2713; (P) 1.2764; (R1) 1.2815; More...

Intraday bias in GBP/JPY is turned neutral first with current recovery. Some consolidations would be seen but risk will stay on the downside with 1.2933 minor resistance intact. Break of 1.2706 will resume the decline from 1.3206 to 61.8% retracement of 1.2099 to 1.3206 at 1.2522. Nevertheless, firm break of 1.2933 will bring stronger rebound back to retest 1.3206 high.

In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could be the second leg. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on break of 1.3433 at a later stage.

Daily Pivots: (S1) 0.8416; (P) 0.8518; (R1) 0.8581; More…

USD/CHF's decline from 0.9196 resumed after brief consolidations and intraday bias is back on the downside. Firm break of 0.8332/8374 key support zone will confirm larger down trend resumption. On the upside, break of 0.8673 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, rejection by 0.9223 key resistance keep medium term outlook bearish. That is, larger fall from 1.0342 (2017 high) is not completed yet. Firm break of 0.8332 (2023 low) will confirm down trend resumption. Next target is 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9196 at 0.8075.

Daily Pivots: (S1) 0.5907; (P) 0.5997; (R1) 0.6046; More...

AUD/USD dips to 0.5913 but quickly recovered. Intraday bias stays neutral and more consolidations could be seen. Outlook will stay bearish as long as 55 4H EMA (now at 0.6155) holds. Break of 0.5915 will resume larger decline to 61.8% projection of 0.6941 to 0.6087 from 0.6388 at 0.5860.

In the bigger picture, fall from 0.6941 (2024 high) is seen as part of the down trend from 0.8006 (2021 high). Next medium term target is 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806. In any case, outlook will stay bearish as long as 0.6388 resistance holds.

Daily Pivots: (S1) 1.4181; (P) 1.4226; (R1) 1.4309; More...

Range trading continues in USD/CAD and intraday bias stays neutral. On the upside, firm break of 1.4414 resistance will suggest that the decline from 1.4791 has completed as a three wave correction, and turn bias back to the upside for retesting 1.4791 high. However, firm break of 61.8% projection of 1.4791 to 1.4150 from 1.4414 at 1.4018, could prompt downside acceleration to 100% projection at 1.3773 next.

In the bigger picture, focus is now on 1.3976 resistance turned support (2022 high), which is close to 55 W EMA (now at 1.4001). Strong rebound from there will retain medium term bullishness. That is, up trend from 1.2005 is still in progress for breaking through 1.4791 at a later stage. However, sustained break there should confirm medium term topping at 1.4791. Deeper correction would be seen to 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727.

Daily Pivots: (S1) 185.88; (P) 187.41; (R1) 188.28; More...

GBP/JPY's fall resumed after brief recovery and intraday bias is back on the downside. Current decline should target 100% projection of 198.94 to 187.04 from 195.95 at 184.05. On the upside, above 188.72 will turn intraday bias neutral again. But after all, risk will stay on the downside as long as 55 4H EMA (now at 190.52) holds.

In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 152.11 will bring deeper fall even still as a correction.

Daily Pivots: (S1) 159.50; (P) 160.85; (R1) 161.68; More...

Intraday bias in EUR/JPY remains neutral as range trading continues. On the upside, above 164.16 will resume the rally from 154.77 to 164.89 resistance, and then 166.67. However, decisive break of 158.27 support will bring deeper decline back to 154.77 support. Overall, sideway consolidation pattern from 154.40 is still extending.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). Strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. However, sustained break of 152.11 will bring deeper fall even still as a correction.

Daily Pivots: (S1) 0.9282; (P) 0.9392; (R1) 0.9492; More....

EUR/CHF's fall from 0.9660 continues today and intraday bias stays on the downside. Break of 0.9331 support suggests that rise form 0.9204 has already completed as a three-wave correction. Deeper decline should be seen to retest 0.9204 low next. On the upside, above 0.9408 minor resistance will turn bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, rejection by long-term falling channel resistance (now at 0.9600) will retain medium term bearishness. That is, down trend from 1.2004 (2018 high) is still in progress. Downside breakout through 0.9204 low would then be in favor at a later stage.

Daily Pivots: (S1) 0.8544; (P) 0.8569; (R1) 0.8610; More...

Intraday bias in EUR/GBP stays on the upside with immediate focus on 0.8624 key cluster resistance next. Decisive break there will be an important indication of larger bullish trend reversal. Next near term target will be 161.8% projection of 0.8239 to 0.8448 from 0.8314 at 0.8652. On the downside, break of 0.8528 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 0.8448 resistance turned support holds, in case of retreat.

In the bigger picture, the break of medium term channel resistance is a bullish signal. Down trend from 0.9267 (2022 high) could have completed at 0.8221, just ahead of 0.9201 key support (2022 low). Firm break of 0.8624 cluster resistance (38.2% retracement of 0.9267 to 0.8221 at 0.8621) will confirm this bullish case and target 61.8% retracement at 0.8867 next. Nevertheless, rejection by 0.8624 will keep medium term outlook neutral at best.

The Elliott Wave perspective indicates that GBPJPY has entered a bearish sequence from its October 30, 2024 high. It signals further downside potential. From that peak, wave (W) concluded at 187.05, followed by a wave (X) rally that terminated at 195.94, as illustrated in the accompanying 1-hour chart. Currently, wave (Y) is unfolding lower, exhibiting an internal zigzag structure.

Breaking it down from the wave (X) high, wave ((i)) declined to 192.7. The subsequent wave ((ii)) rally peaked at 195.77. The pair then resumed its descent in wave ((iii)), reaching 187.51, before a wave ((iv)) bounce concluded at 190.29. The final leg, wave ((v)), completed at 186.05, marking the end of wave A in a higher degree. From there, wave B unfolded as a zigzag corrective pattern: wave ((a)) rose to 188.83, and wave ((b)) pulled back to 187.09. Wave ((c)) advanced to 190.08, completing wave B. The pair has since resumed its decline in wave C.

In the near term, as long as the pivotal high at 195.94 remains intact, any rallies are expected to falter in a 3, 7, or 11 swing structure, reinforcing the outlook for further downside. Traders monitoring this setup should anticipate limited upside and watch for confirmation of this bearish continuation.

GBPJPY 60 Minute Elliott Wave Chart

GBPJPY Video

https://www.youtube.com/watch?v=R06XEUzIPrw