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GBP/JPY Price Forecast February 26, 2018, Technical Analysis

Christopher Lewis
Updated
The British pound has been very noisy during the trading session on Friday, against not only Japanese yen but several other currencies. At this point, I think that the market is going to try to make a move higher short-term, but the longer-term candlestick isn’t necessarily a positive looking factor.

The British pound has gone up a little bit higher during the course of the session on Friday, but the weekly chart has a shooting star tied candle for me, and that of course is a negative sign. Because of this, I think it’s not until we break out above the 150 level at the very least that you can start buying. I recognize that this market will continue to be very noisy and of course follow the overall attitude of global markets and global risk appetite, so that should be paid attention to. If stock markets rally significantly, that should push this pair higher, but if they fall apart, that will probably drag it down.

Ultimately, I believe that the market should continue to see a lot of noise, so you need to be very careful. Small positions will probably continue to be the best way going forward, as the volatility will make trading this market very dangerous. I think eventually we will get some type of impulsive move, and when that happens I’m willing to jump in rather stringently. If we break down below the bottom of the weekly candle, making a fresh new low at the 148.50 level, I would become aggressively short, because it would be a breakdown of not only the weekly Lowe’s, but the uptrend line that has been keeping the market higher. On the other hand, rallying from here will probably be done rather slowly.

GBP/JPY Video 26.02.18

This article was originally posted on FX Empire

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