Forecast of the GBP/JPY currency pair pound-yen for the week of February 8-14 is written at 144.6 quotes. GBP/JPY hit its forecasts last week, approaching the 146 level mentioned in previous forecasts. The last time the British pound against the Japanese yen was at such heights in February 2020, before it became finally clear that Brexit took place.
Then, in February 2020, the exchange rate of the currency pair reacted unequivocally - the quotes fell down with a rapid jack.
As of February 2021 - Britain is no longer officially a member of the European Union, and investors took this positively. For example, it is no longer necessary to feed an insatiable Poland by subsidizing the Polish "economic miracle" with 10 billion dollars a year.
The resistance level is 144.959. It is above this psychological mark that the GBP/JPY rate should be fixed in order to be able to officially declare that the pound-to-yen rate has restored the positions lost a year ago.
GBP/JPY quotes are above the Ichimoku cloud, which confirms the upward trend for the currency pair. An additional signal in favor of continued growth in GBPJPY is the crossing of a fast signal line by a slow one. The fast signal line broke through the slow one from the bottom up.
The support level for the GBPJPY rate is the slow red signal line at 143.8.
Another strong support level is the upper border of the Ichimoku cloud at 143.3.
A resistance level, as well as an important marker for the restoration of the British pound positions, will be testing the GBPJPY currency pair at 145. A break of the level of 145 will open the way for the British pound at the upper border of the ascending channel and at 146.6 yen per pound.
Thus, the forecast for the GBP JPY rate for the week of February 8-14 assumes a short-term pullback to the support area, a reversal and growth with an attempt to increase the GBP/JPY rate to the 146.6 area.