GBP/JPY Price Forecast – British Pound Choppy Against Yen

The British pound has gone back and forth during the course of the trading session on Tuesday, as the pair continues to show a lot of volatility. The Japanese yen of course is considered to be a “safety currency” that a lot of people will pay close attention to, so you need to keep that in mind. That being said, I do see a significant amount of support underneath at the ¥152.50 level, and therefore I would be a bit cautious about that area, because it could almost certainly cause some type of bounce.

GBP/JPY Video 07.07.21

If we were to break down below the ¥152.50 level, then we could see the British pound dropped significantly from there, perhaps reaching towards the ¥150 level. To the upside, the ¥155 level is obviously a potential target as well, as it is an area where we have seen a lot of resistance previously. Because of this, I think it is going to be very difficult to get above there, but if we were to break above the ¥156 level would be a major breakout and could send this market much higher, perhaps reaching towards the ¥160 level.

All things being equal, this is a market that has to make a bigger decision sooner or later, but I do not think that happens right away. With that in mind, I think this market continues to be choppy more than anything else and if you squint, you can see that we have formed a bit of a symmetrical triangle, ultimately, this is a market that seems to be building up momentum to go somewhere, but we have made our decision yet.

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