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GBP/JPY Price Forecast February 19, 2018, Technical Analysis

Christopher Lewis
Updated
The GBP/JPY pair rolled over a bit during the trading session on Friday, as the 150 level has offered a significant amount of resistance. However, as I record this video, we are finding a bit of support at the 149 level. I look at this is a 100 pips range, and a breakout of this range provides the next target and trade.

The British pound has rolled over a bit during the Friday trading session, but as I record this video we are still within the consolidation area that we have been in for a couple of sessions. I believe that the market will continue to be very noisy, and of course will be reactive to risk appetite as per usual. Pay attention to the stock markets, they will more than likely lead the way, but the Japanese yen has found a bit of strength again several other currencies, so it would not be surprising to see this market drift lower. If we do, I think the next target will be the 148 handle.

Otherwise, I believe that if we rally from here, we will probably test the 150 level again, which should be resistive. If we can break above the 150 level, the market will probably go towards the 151 handle, which is a barrier. I believe that this market will continue to be very noisy, but eventually I would anticipate that the market will break out to the upside, as we have had such a strong move recently. We have pulled back of the last several sessions, but the longer-term trend is still within an upward channel, and stock market seem to be finding buyers. Ultimately, this should translate the buyers willing to step into this market. Regardless, it will be noisy.

GBP/JPY Video 19.02.18

This article was originally posted on FX Empire

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