GBP/JPY: Analysis, Outlook and Forecasts
GBP/JPY (British Pound - Japanese Yen) outlook and forecast is presented by the team of ForexAbode's analysts and is followed by the traders around the world. The outlook takes into account the various factors which can affect the future price-action of GBP/JPY. The factors to analyze the outlook are geo-political news, fundamentals including major economic releases and technical factors but most importantly we focus on the price-action analysis.
The outlook reflects our views for short-term to mid-term movement of the currency pair. However, sometimes the analysis takes into account the price-data which may span many years and have a longer-term view. This is also supported by our very popular chart alerts.
The weekly analysis includes the predictions for the next week's expected moves for the pound sterling and Japanese yen. However, the forecast is not only limited to the coming week but is applicable for the overall expectations for the near-term to longer-term. Apart from the weekly forecasts we also update GBP/JPY daily technical analysis, which presents our views about the price-action from short-term perspective.
You may also like to check the following resources for trading GBP/JPY:
- GBP/JPY interest rate comparison for carry trades.
- The overall trend for GBP/JPY for longer-term views.
- GBP/JPY pivot points to know the daily resistance and support levels.
(For Carry Trades)
Please refer the following monthly chart of 10-year historical price-action to check the overall GBP/JPY trend.
Main observations for GBP/JPY historical price-action and outlook for the near future
- The attempt of recovery, after the great fall during the economic crisis of 2008-2009, had found very strong resistance in the range of 162.55 to 163.07. GBP/JPY managed to break over that resistance.
- Not only the above mentioned resistance was taken out but that previous resistance seems to be acting as support now and that indicates bullish sentiments.
- The pair also completed the 38.2% retracement and broke over that resistance as well.
- GBP/JPY's recent high was 174.84 during the beginning of January 2014. Since then the price-action has been staying below that. This fact is indicating the psychological resistance of 175.00. However, the recent lows have been getting higher and that also indicates that the pair may take out the resistance of 175.00 sooner or later.