GBP/JPY Price Forecast – British Pound Hanging Around 50 Day EMA Still

The British pound has gone back and forth during the course of the trading session on Tuesday as we continue to hang about the 50 day EMA. That being said, the market does tickets choose from the USD/JPY pair at this moment, due to the fact that it is threatening to break a major barrier. If it does, that could send the Japanese yen much lower against multiple currencies not just the greenback itself. With that being the case, you will kind of need to keep an eye on three charts at the same time.

GBP/JPY Video 24.11.21

You will have to pay attention to what the GBP/USD is doing, to get a feel as to whether it is strengthening or weakening. You will have to pay attention to the USD/JPY pair, to see if it can break above the ¥115 level. Quite frankly, if it does then just about anything with “JPY” at the back half of the currency pair will more than likely rally. That being said, if the USD/JPY pulls back from the ¥115 level, and the GBP/USD pair starts to fall, this pair will fall rather hard. Confused yet? Welcome to the currency trading markets.

That being said, the ¥152.50 level should continue to offer plenty of support, and if it gets broken it is likely that this pair will really start to take out to the downside, perhaps reaching towards the 200 day EMA or even the vital ¥150 level. On the other hand, we break higher, the ¥155 level would be a target that we need to pay close attention to, as it is a psychologically important figure and an area that has had some structural importance in the past.

For a look at all of today’s economic events, check out our economic calendar.