Currency pair Pound Yen GBP/JPY completes the trading week near the level of 153.39. The pair continues to move as part of the correction and the formation of the “Triangle” pattern. 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 154.75. Further, a rebound down and an attempt to continue the fall of the pair with a potential target below the level of 137.45.
GBP/JPY Weekly Forecast March 7 — 11, 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 Triangle model. Cancellation of the GBP/JPY reduction option will be a strong growth and a breakdown of the 159.75 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the 162.95 area. The fall of the pair in the current trading week March 7 — 11, 2022 will be confirmed by a breakdown of the support area and closing of quotes below the level of 147.75, which will indicate the completion and start of the Triangle pattern.
GBP/JPY Weekly Forecast March 7 — 11, 2022 suggests an attempt to test the resistance level near the area of 154.75. Then, the continuation of the fall of the GBP/JPY to the area below the level of 137.45. 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 159.75. This will indicate a continuation of the rise of the pair with a potential target above the level of 162.95.
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