Gbp/Jpy

we look for the formation of a fresh medium-term higher low around the psychological barrier ahead of the next major upside extension back towards and eventually through 140.00

GBP/JPY dipped to 123.29 last week before forming a temporary low there and recovered. The development affirmed the case that fall from 140.02 is still in progress

Outlook will remain cautiously bearish as long as 130.83 resistance holds and GBP/JPY is still in favor to make another low below 122.15.

Intraday trade:

If a M15 close above 125.16 Buy only and do not sell. If price closes back below it again do nothing.

If a M15 close below 124.86 sell only and do not buy. If price closes back above it again do nothing

The range 125.16 and 124.86 is neutral area, any trade done in between is personal decision and not part of this analysis

the pair has stated it's trading week above the level of 125.00 and that's mean that the up trend is expected this week and the pair might head to 125.50 and then 126.00

The GBP/JPY is clearly in a trading bracket between 125.00 on the upside and 123.40 on the downside. Traders will be looking to play the range with a focus on taking new shorts.

the pair and as we can see from the chart is trading now above the level of 125.00 , so when ever the pair success in breaking 125.00 , that's mean the down trend will be assured and the pair might head to 124.60 and then 124.20

Market setbacks have been very well supported on dips below 125.00 and we look for the formation of a fresh medium-term higher low around the psychological barrier ahead of the next major upside extension back towards and eventually through 140.00. Ultimately, only a weekly close below 125.00 would delay and give reason for concern, while a daily close back above 128.00 confirms bias and should accelerate.

Intraday bias in GBP/JPY remains neutral as consolidations from 123.29 continues. At this point, we'd expect recovery to be limited by 126.24 minor resistance and bring fall resumption. Below 123.29 will target 122.15 and below. Above 126.24 will indicate short term bottoming and should being stronger rebound. But after all, we'll stay bearish as long as 130.83 resistance holds and favor more downside ahead.

the negative pressure from the 50 EMA, therefore we expect the resumption of the downside move during this week targeting mainly 121.10 while a breach above 125.65 with daily closing may delay achieving the awaited targets.