GBP/JPY Price Forecast – British Pound Continues to Press Same Resistance

The British pound has gone back and forth during the trading session on Wednesday as we continue to slam up against the ¥140 level. If we can break above here, then it is possible we could go looking towards the ¥142 level, and then eventually the ¥145 level which is my longer-term target. However, we need some type of catalyst to get that thing in the picture. Short-term pullbacks continue to be buying opportunities, but for me the most impressive thing about this was the candlestick on Tuesday as it not only turn the Monday candlestick into an inverted hammer, but we closed a right at the highs. With that in mind, it looks as if we will eventually break out but when that happens nobody knows.

GBP/JPY Video 27.08.20

Looking at the chart, I believe that the ¥138 level is massive support, followed by the ¥136 level. Nonetheless, this is a “risk on” type of market, so if we get some type of bullish move when it comes to risk appetite, it should translate into this market going higher. Nonetheless, I believe that this is a marketplace that is simply looking for some type of catalyst. It should get that eventually, but right now looks like we are simply killing time and waiting to see some type of reason to go higher. I like buying short-term pullbacks and would be very interested in buying again at ¥138, but we will see whether or not that happens. If we get a daily close above the ¥140 level, then that might get me long as well.

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