GBP/JPY Price Forecast – British Pound Crashes Into Floor

The British pound has fallen hard during the course of the session on Friday to crash into the ¥152.50 level, an area that should continue to attract a lot of attention as it was previous resistance. That resistance should now be support, and therefore I think it is worth paying close attention to. Because of this, and the fact that we have bounced so horrible right away, it suggests that the market is ready to continue to go to the upside. The ¥155 level would be the target, and it is worth noting that the ¥152.50 level underneath has offered a bit of a “hard floor” at this point.

GBP/JPY Video 22.11.21

Keep in mind that the market is very noisy, but that is nothing new. This pair does tend to be very volatile, and therefore you may get a sudden move to the upside. If the USD/JPY pair can finally break out above the ¥115 level, that will drag this thing right along, thereby offering a nice opportunity for those who are looking for even bigger moves. During most of the day, the Japanese yen has been relatively strong, so it makes a certain amount of sense that we had seen a knock on effect over here.

If we break down below the ¥152.50 level, then the market is likely to go looking towards the 200 day EMA underneath, maybe even the ¥150 level. I believe at this point that the ¥150 level is going to be the “floor the market”, so as long as we can stay above there I have to look at this is a market that will eventually attract buyers.

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