Sample Category Title

Pivot (invalidation): 5.7000

Our preference Long positions above 5.7000 with targets at 5.7400 & 5.7540 in extension.

Alternative scenario Below 5.7000 look for further downside with 5.6770 & 5.6600 as targets.

Comment The RSI advocates for further upside.

Pivot (invalidation): 0.7005

Our preference Short positions below 0.7005 with targets at 0.6965 & 0.6945 in extension.

Alternative scenario Above 0.7005 look for further upside with 0.7020 & 0.7035 as targets.

Comment The RSI has broken down its 30 level.

Pivot (invalidation): 1.3145

Our preference Short positions below 1.3145 with targets at 1.3115 & 1.3100 in extension.

Alternative scenario Above 1.3145 look for further upside with 1.3165 & 1.3185 as targets.

Comment The RSI calls for a new downleg.

Pivot (invalidation): 0.9845

Our preference Long positions above 0.9845 with targets at 0.9875 & 0.9890 in extension.

Alternative scenario Below 0.9845 look for further downside with 0.9825 & 0.9800 as targets.

Comment The RSI calls for a new upleg.

Pivot (invalidation): 108.00

Our preference Long positions above 108.00 with targets at 108.35 & 108.60 in extension.

Alternative scenario Below 108.00 look for further downside with 107.80 & 107.60 as targets.

Comment A support base at 108.00 has formed and has allowed for a temporary stabilisation.

Pivot (invalidation): 1.2455

Our preference Short positions below 1.2455 with targets at 1.2415 & 1.2400 in extension.

Alternative scenario Above 1.2455 look for further upside with 1.2480 & 1.2500 as targets.

Comment The RSI lacks upward momentum.

Daily Pivots: (S1) 134.30; (P) 134.65; (R1) 134.97; More...

Intraday bias in GBP/JPY remains neutral for consolidation above 133.85. Further fall is expected with 136.05 resistance intact. On the downside, 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.

Pivot (invalidation): 1.1165

Our preference Short positions below 1.1165 with targets at 1.1120 & 1.1105 in extension.

Alternative scenario Above 1.1165 look for further upside with 1.1185 & 1.1205 as targets.

Comment The break below 1.1165 is a negative signal that has opened a path to 1.1120.

Daily Pivots: (S1) 120.42; (P) 120.76; (R1) 121.01; More....

Intraday bias in EUR/JPY remains on the downside as this point. Fall from 127.50 is in progress for retesting 118.62 low. Break will resume medium term down trend. On the upside, break of 121.31 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, down trend from 137.49 is still in progress with the cross staying inside long term falling channel. Break of 118.62 will extend the fall to 109.48 (2016 low). On the upside, break of 127.50 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 0.8944; (P) 0.8974; (R1) 0.8996; More...

Intraday bias in EUR/GBP remains neutral with focus on 0.8954 support. Break should confirm short term topping. In this case, deeper pull back could be seen to 55 day EMA (now at 0.8891) first. On the upside, break of 0.9051 resistance will extend the rise from 0.8472. But upside momentum is clearly diminishing as seen in 4 hour and daily MACD. Upside should be limited by 0.9101 key resistance to bring reversal.

In the bigger picture, medium term decline from 0.9305 (2017 high) is seen as a corrective move. No change in this view. Current development argues that it might have completed with three waves down to 0.8472, just ahead of 38.2% retracement of 0.6935 (2015 low) to 0.9306 at 0.8400, after hitting 55 month EMA (now at 0.8545). Decisive break of 0.9101 resistance will confirm this bullish case. However, firm break of 55 week EMA (now at 0.8801) would possibly extend the correction another another fall to below 0.8472 before completion.