Currency pair Pound Yen GBP/JPY completes the trading week near the level of 154.62. The pair continues to move within the correction and the bullish channel. A reversal pattern “Head and Shoulders” is also formed here. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from currency buyers and a potential continuation of the growth of the instrument. At the moment, we should expect an attempt to continue rising prices and a test of the resistance area near the level of 155.05. Further, a rebound down and an attempt to continue the fall of the pair with a potential target below the level of 142.55.
GBP/JPY Weekly Forecast February 28 — March 4, 2022
An additional signal in favor of the fall of the Pound/Yen currency pair 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 “Head and Shoulders” reversal pattern. Cancellation of the GBP/JPY reduction option will be a strong growth and a breakdown of the 159.05 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the 162.65 area. The fall of the pair in the current trading week on February 28 — March 4, 2022 will be confirmed by a breakdown of the support area and the closing of quotes below the level of 147.05, which will indicate the completion and start of the “Head and Shoulders” reversal pattern.
GBP/JPY Weekly Forecast February 28 — March 4, 2022 suggests an attempt to test the resistance level near the 155.05 area. Then, the continuation of the fall of the GBP/JPY to the area below the level of 142.55. In favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the GBP/JPY fall option will be a breakdown of the resistance area and closing of quotes above the level of 159.05. This will indicate a continuation of the rise of the pair with a potential target above the level of 162.65.
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