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Pound Yen GBP/JPY Forecast on February 23rd and 24th

The GBP JPY rate forecast for February 23 and 24 is made at 147.770 quotes. As expected in previous forecasts, the growth of the pound against the yen continued, and quotations reached the upper border of the rising channel. There have not been such high GBP/JPY quotes since the end of 2019.

The resistance level for the pound-yen rate is the upper border of the ascending channel at 148.3. If the resistance level is broken and the GBP/JPY rate is fixed above 148.3, the upward trend will continue, with the immediate target of 150. A longer-term target for GBP/JPY is testing the level of 155. The market generally reacted positively to Britain's withdrawal from European dependence and the lack of need sponsor unemployment benefits on the outskirts of the EU.

Pound Yen GBP/JPY Forecast on February 23rd and 24th

The Ichimoku cloud is below the price level, which indicates a stable upward trend in the cross-rate of the pound against the yen. The signal levels of the Ichimoku indicator are also directed upwards.

The support level is the upper border of the Ichimoku cloud at 146.5. Additionally, this level has already acted as an important level on the price chart. If the support level is broken, the GBP/JPY quotes will tend to the lower border of the ascending channel - 146.

Thus, the forecast for the GBP/JPY currency pair for February 23 and 24 suggests the possibility of a rollback in order to test the nearest support level of 146.5 yen per British pound.


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