GBP JPY Forecast | Daily Technical Analysis for January 6, 2017
GBP JPY Technical Overview
Yesterday Close 143.24
Today Open 143.24
Day’s Range 143.00 – 143.81
52 wk Range 122.72 – 175.03
1-Year Return – 17.17%
GBP/JPY Support and Resistance Forecast
Possible trading range 143.00 – 143.81.
GBP JPY forecast for today: the pair possibly will find the immediate support at 142.60. If, market breaks the first support then it will go for the following support to test. Following supports are 142.07 and 141.21.
On the other side the market has immediate resistance 144.32. If, market breaks the primary resistance level then, market will go for the new resistance level 144.85 and 145.71.
GBP/JPY Fundamental Analysis
The GBP JPY pair fell on Thursday as we continue to see the volatility in this market. I believe that there is a major floor underneath out the 140 handle, an area that should be the turning point for longer-term traders. Supportive candles between here and there should be reason enough to continue going higher, and reaching towards the longer-term target of 150. I have no interest in shorting until we get well below the 140 level, which seems very unlikely. Keep in mind that the Japanese yen is being sold off against almost everything.