GBP/JPY Price Forecast – British Pound Continues to Struggle With Big FigureThe British pound went back and forth on Friday, testing the ¥140 level before pulling back a bit. It is only a matter of time before we break out.
The British pound that went back and forth during the trading session on Friday, as we continue to see a lot of noise out there that causes a lot of fluctuation. Ultimately, this is a market that should continue to see significant volatility, but ultimately, I do anticipate that we will break out to the upside. That being said, I like buying dips and I think that it is only a matter of time before we see a huge move. If we can break above the ¥140 level with confidence, then it is likely that we go looking towards the ¥145 level after that.
GBP/JPY Video 17.08.20
The market has seen a lot of support at the ¥138 level more than once, and therefore I think that will be the “floor” in the market. The pair is highly sensitive to risk appetite and let us face it here, risk appetite is very good in general as the Federal Reserve continues to flood the markets with greenbacks. Ultimately, this is a pair that I think will continue to find buyers on dips going forward due to the fact that the British pound has seen so much pressure to the upside in general. That is exacerbated by people trying to get rid of the Japanese yen, as markets break out to all-time highs in America, and look healthy and other markets. Ultimately, this market will continue to see a lot of movement, but it is hard to argue the idea
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