FX.co ★ Trading forecast of GBP / JPY pair 12.02.2018

The downward movement was decisive last week, however, the monthly short-term for February reached the limit of 150.56 and 149.99 on Friday. This indicates a high probability of ending the decline.

Medium-term plan.

At the end of last week, there was a way out of the monthly February NKZ between 150.56 and 149.99. This allowed us to observe the growth in demand and return to the inside of this zone. According to statistics, the continued fall of the pair is possible with a 30% probability, which does not allow consideration of the sales from the limits of the specified zone. Transactions will not be profitable for long distances. To search for purchases, you need to wait for the formation of the reversal pattern, even on the younger timeframe. Working inside the range involves buying with the first purpose of fixing on a weekly NKZ between 153.08 and 152.7.

The alternative model does not have a high probability of occurrence, so it is not profitable to consider the downward movement from the statistical point of view. The decline can continue towards the week-long short at the range of 148.60 -148.22, where you will need to find a pattern for buying a tool.

Intraday plan.

Resistance is defined NKZ a at 150.99 - 150.80, the test of which will determine the further development of events. If the pair continues to trade below this zone, the decline will continue, and the weekly short-term of 148.60-148.22 will be reached in the short term. To disrupt the downward movement, closing of today's U.S. session above the level of 150.99 is required.

The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.

The weekly CP is the weekly control zone. The zone is formed by marks from important futures market which change several times a year.

The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.