Last Updated on Sunday, 16 June 2013 09:27 GMT

British Pound - Yen (GBP/JPY) Forecast

GBP/JPY Forecast and Outlook - daily chart

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Note: All indicators for the overall outlook and forecast of GBP/JPY are based on the daily forex charts and in some cases 4-hourly or weekly charts and is updated during the weekends.

GBP/JPY Outlook And Predictions

Previous Outlook

"The recent strong support is keeping the immediate outlook neutral, we will wait and watch if the recent support holds. In case this support holds and a break over 154.26 take place then the focus will turn back towards upside for a retest of 156.77. On the downside if a break below the recent 148.20 takes place then we would expect further consolidation towards 146.44/146.55."

Forecast For This Week

British Pound-Japanese Yen (GBP/JPY) tried to move up initially but failed at 154.24 and fell sharply to 147.11 before closing for the week at 147.79.

The failure of recovery below the psychological resistance of 155.00 and the continuous resistance near 5-day EMA is keeping the bearish sentiments intact for the currency pair.

On the downside if a break below the recent 147.11 takes place then we would expect further consolidation towards 146.44/146.55. 146.44 was the low of April 15th where a strong support was seen. This level is also slightly above the 61.8% retracement of the upward move from 140.49 to 156.77, which was indicated in this GBP/JPY chart alert. In case this support does not hold then we will expect further fall first towards 145.96 of April 5th and then possibly a test of 145.00 psychological level. This level will not only have the psychological push of 145.00 ranges but also the support of 200-day EMA which is currently at 145.12.

On the upside resistance is expected first at 150.58 of last Thursday. Any decisive break over this will be the first sign of a possible topping for the near-term and a better indication will come if any decisive break over 152.03 of the last Wednesday takes place. Such a move will also signify the break of 55-day EMA resistance. However as long as resistance in the range of 154.26 holds the possibilities of deeper decline will be there.

Please check the relative strengths of recent economic releases and also technical updates at following links as the base of this week's forecast of GBPJPY.

GBP/JPY Fundamental Outlook

GBP/JPY Technical Outlook

More Resources For Trading GBP/JPY

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For short term Forex trades, please refer to daily technical updates for British Pound/Japanese Yen at GBP/JPY Analysis

Important pages about pound Sterling / Japanese yen in the Forex blog

Check posts about GBP/JPY.
Any other update for GBPJPY apart from the periodic update time.
Posts about the outlook and forecast for GBPJPY posted in the blogs.
Posts regarding GBP/JPY Support and Resistance for expected support and resistance levels.
GBP/JPY Alert for any alerts or specific observation about the price action.