Currency pair British Pound to Japanese Yen GBP/JPY continues to move within the correction and the downward channel. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have gone down from the area between the signal lines, which indicates pressure from the sellers of the British Pound against the Japanese Yen and a potential continuation of the fall from current levels. At the time of the publication of the forecast, the Pound to the Yen rate is 154.87. As part of the GBP/JPY Forex forecast for March 4, 2022, we should expect an attempt to develop a correction and test the resistance level near the 155.85 area. Further, a rebound and a continuation of the fall of the Euro/Yen currency pair. The potential target of such a movement in Forex is the area below the level of 150.25.
GBP/JPY forecast British Pound March 4, 2022
An additional signal in favor of falling GBP/JPY currency quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the quotes of the Euro/Yen currency pair will be a strong growth and a breakdown of the level of 156.85. This will indicate a breakdown of the resistance area and continued rise of the instrument to the area at the level of 159.35. It is worth waiting for confirmation of the fall of the GBP/JPY currency pair with a breakdown of the support area and closing prices below the level of 152.85.
GBP/JPY forecast British Pound March 4, 2022 suggests the development of a correction and a test of the resistance area on the price chart near the level of 155.85. Where should we expect a rebound and an attempt to continue the fall of the currency pair to the area below the level of 150.25. In favor of the pair’s decline, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option of falling GBP/JPY currency pair on the currency market will be a strong growth of quotations and a breakdown of the level of 156.85. This will indicate a breakdown of the resistance area and the continued rise of the currency pair to the area above the level of 159.35.
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