GBPJPY Weekly Forecast Feb 17-21

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GBPJPY rose towards 170.59 levels last week , Initial bias is neutral with risk to the downside towards the 168.00/163.86 levels as long as 171.86 levels hold on a weekly closing basis , below 163.86 levels will open 160.00 next.

On the upside , resistance at the 171.86 levels , stability below this level will keep pushing on the 160.00 levels, but break of 171.86 levels on a weekly basis will confirm bottoming at 163.86 levels ,If seen , the pair will recapture the 174.83 levels ,  sustained trading above this level will open 180.00 next.

In all , as long as 171.83 holds on a weekly basis , the GBPJPY is likely to return to its medium term downside bias , with risk towards 163.85 ahead of 160.00 levels , break of 171.85 will reverse risks towards the 174.83 levels  and possible higher.

 

GBPJPY Weekly Forecast Feb 17-21

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