GBP/JPY Price Forecast – British pound falls against Japanese yen

The British pound has fallen again against the Japanese yen during the trading session on Thursday, and as you can see on the chart we are breaking below the ¥144 level. This is a new level being broken, so that shows that we are picking up momentum to the downside. It looks like the 200 moving average on the hourly chart is offering a bit of guidance as well, and the fact that we broke down below that uptrend line it’s likely that we could continue to go much lower.

I think at this point, it’s likely that we go down to the ¥142.50 level, and that eventually the ¥140 level. I think that rallies are to be sold, and at this point I believe that the ¥145 level above is probably going to be a bit of a “ceiling” in the market, and I think that it is likely that we will continue to see a lot of selling pressure in that general vicinity. I think that the market will continue to be very sensitive to trade risk concerns, such as the trade tariffs and the like. I think that the market is probably one that you can come back and sell occasionally on signs of exhaustion after short-term rallies. Longer-term, I think that the ¥140 level will be massively supportive, so I believe that the longer-term traders are looking to test that area. I believe that if we were to turn around and break above the ¥146 level, that could change everything, but right now that looks very unlikely to happen.

GBP/JPY  Video 29.06.18