GBP/JPY forecast for December 15, 2020

Looking at the chart on the weekly time frame for GBP/JPY, the pound is up against the Japanese yen and has managed to find support for the moving averages of the MA50 and MA100, while on the upper side, it has resistance to the moving average of the MA200.
From below, we can underline the trend line as support and monitor whether there will be a break and a potential reversal of the trend if the Brexit outcome is unfavorable for the British pound. By setting the Fibonacci level, we see that the GBP/JPY pair has declined from 78.6% and is now consolidating at 61.8%. The potential scenario is a neutral change in moving averages; for some further trading, it is better to wait for a break and better confirmation of candlesticks.

On the daily chart, we see consolidation and declines from the zone around 140.00, which seems to be a big pressure for the pound in that area, and we can expect a drop to the trend line for better support where it will meet the moving average MA200.
By setting the Fibonacci, we assume that the pair is below the level of 61.8% and that our potential target could be a level of 50.0% to 137,800. Today’s news did not affect the couple because everyone is waiting for the outcome of Brexit.

The four-hour chart gives us the best current picture that shows us what the current investor expectation is, leaning to the bearish side. We have a break below the moving averages MA50 and MA100, while at the bottom, we are waiting for the MA200, which coincides with the Fibonacci level of 50.0%, and as the ultimate potential of the bearish trade, our trend line is around 136,700-137,000. Possibility to fill the gap made on Sunday evening at the beginning of the opening of the Asian market.