GBPJPY Technical Outlook


GBPJPY peeps above 1H 100-MA. A look at the latest 16 February GBPJPY Technical Outlook shows that a convincing break above 150.00 is likely on strong UK retail sales. Will the UK data beat estimates by a large margin?

16 February, GKFX – Having built a base along the 1-hour 50-MA in the last 12 hours, the GBP/JPY cross is now trading on the front foot above the 1-hour 100-MA of 149.74.

The currency pair has created an inverse head and shoulders pattern on the 1-hour chart with the neckline resistance of 150.24. A convincing break to the upside could be seen if the UK retail sales number (due at 09:30 GMT) beats estimates by a big margin.

Also, the USD/JPY pair is looking oversold on technical charts and a corrective rally in the pair could also lift GBP/JPY above the neckline hurdle. As of writing, GBP/JPY is trading at 149.86 levels.

16 February GBPJPY Technical Outlook

A break above 150.24 (inverse head and shoulders neckline hurdle) would open up upside towards 150.86 (1-hour 200-MA) and 152.52 (inverse head and shoulders breakout target as per the measured height method).

On the downside, violation of support at 149.41 (1-hour 50-MA) could yield a pullback to 148.93 (support on 1-hour chart) and 147.96 (Feb. 14 low).

Disclaimer

This article 16 February GBPJPY Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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