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GBP/JPY Price Forecast – British Pound Continues To Gain Against Japanese Yen

The British pound rallied again during the trading session on Thursday, reaching above the ¥143 level. At this point, the market has clearly broken out and it looks like we will continue to go much higher.
Christopher Lewis
GBP/JPY Price Forecast - British Pound Continues To Gain Against Japanese Yen

The British pound has rallied significantly against the Japanese yen, and over the last couple of days we have broken above the previous shooting stars, and at this point it’s likely that the market will continue to go towards the ¥145 level and beyond. This is a market that is highly sensitive to risk appetite, and therefore it makes sense that we have rallied a bit as there are talks of the US/China trade situation getting a little bit better despite what we are hearing in the headlines.

GBP/JPY  Video 06.12.19

Looking at the British elections, it looks very likely that we will continue to see optimism due to the fact that it looks like the Tories are going to take over Parliament again, meaning that we may finally get a Brexit situation. Brexit really doesn’t matter at this point, just that we get some type of certainty. A little bit of certainty would be nice, and certainly puts a lot more confidence into the idea of owning the British pound. At this point, it’s obvious that the market is breaking out of a bullish flag, and that means that we could be looking at a move towards the ¥150 level. It will take some time to get there obviously, but overall it certainly looks to be the destination. At this point, it’s very likely that the ¥142 level will offer a bit of support as it was previous resistance, and pullback should continue to offer buying opportunities based upon value and therefore should be looked at favorably.

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