GBP JPY Price Forecast – British Pound Continues to Move Higher

The British pound has rallied again during the trading session on Wednesday to reach towards the highs. The ¥152.50 level was an area that I had been talking about previously as a potential target, and we have pulled back from there recently. Now that we have pulled back from there, and turned around to retest that area, I suspect that we are eventually going to take off to the upside. Because of this, I am a buyer and not a seller and I do think that at this point time we are probably taking a look at the ¥155 level as a target.

GBP/JPY Video 01.04.21

With all of that being said, I think that dips continue to be buying opportunities and it is probably only a matter of time before we go much further to the upside. After all, from a historical standpoint this is a pair that is typically much higher than where we are right now. The British pound continues to be resilient overall, so I think that is worth paying attention to.

The USD/JPY pair is a great way to measure the strength or weakness of the Japanese yen, and that has gone straight up in the air so obviously we have a lot of weakness in the yen itself, so it all adds up to this pair going higher over the longer term. We have had a nice pullback, and now we are breaking out to a fresh, new high. Even if we do pull back from here, I anticipate that the ¥150 level will be massive support based upon the recent action in this market and of course other yen related pairs.

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