GBPJPY Technical Forecast


GBPJPY pair is up on soft Yen as BoE’s Super Thursday on the horizon. Get updated on the 8 February GBPJPY Technical Forecast.

8 February, GKFX – GBP/JPY found some inspiration and is now being bought up as equities rise and the Yen slips downwards in Tokyo.

With the UK’s ‘Super Thursday’ triple-header coming today at 12:00 GMT that has the Bank of England (BOE) releasing their interest rate decision, meeting minutes, and monetary policy statement, GBP has a very busy day planned.

The BoE rate decision is sure to inject some volatility into the mix today, and  the Bank of Japan’s (BOJ) Hitoshi Suzuki is on the wires today, talking down Yen bulls once again by saying that the recent market moves are a result of investor sentiment, not underlying fundamentals, thus the BoJ is unlikely to adopt a different policy stance in the face of changing markets.

8 February GBPJPY Technical Forecast

Intraday swing support/resistance now at 152.25 and 152.68 respectively, with a soft double-bottom beginning to form on Hourly charts; long-term timeframes show GBP/JPY wrestling with the 34 EMA on Dailies, but still well above the 200-day SMA, as the bull run that began in October of 2016 is still alive and well for now.

Today’s pivot points:

R2: 153.84

R1: 152.78

PP: 152.05

S1: 150.99

S2: 150.26

Disclaimer

This article 8 February GBPJPY Technical Forecast 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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