GBP/JPY Price Forecast – British Pound Continues to Flirt With ¥155

The British pound has been very quiet during the trading session on Tuesday as we continue to look at the ¥155 level with interest. The market certainly has a lot of support underneath, so I do favor the upside but recognize that the market might be very quiet. Ultimately, this is a market that I think will try to find some type of catalyst or momentum to take off to the upside. That being said, I think it is probably only a matter of time before we can take off.

GBP/JPY Video 09.06.21

To the downside, I see the ¥153.50 level is an area that we have seen quite a bit of momentum to the upside based upon the massive candlestick that erupted from there, so I think it would be very interesting to see at that point as well. If we were to break down below there, then it is likely that we would see a move down towards the ¥152 level where there is a small gap.

To the upside, I believe that this market will go looking towards the ¥157.50 level, followed by the ¥160 level which is the next major round figure that traders will be paying attention to. That is my longer-term target, but I recognize that we are probably in the quietest time of the year, so the volatility and volume probably will leave a lot to be desired. Nonetheless, we are in an uptrend so there is only one way you can be trading this market. That being said, I like the idea of buying but recognize that a lot of patients will be needed to make profits.

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