GBP/JPY Price Forecast – British Pound Hovers Around ¥155

The British pound has moved back and forth during the trading session on Monday as traders came back to work. That being said, we have seen a little bit of a bounce from the lows, and it does look like we are still very much likely to see buying pressure in general. After all, the massive and impulsive candlestick that sent us above the ¥155 level has yet to be breached, so as long as that is the case, I would not be looking to sell this pair anytime soon. Quite the contrary, I am looking to buy this dips given enough time. Signs of support will be picked up as an assumption of the continuation of the trend.

GBP/JPY Video 08.06.21

However, if we were to break down below the ¥153.50 level, then the market could very well drop another 100 points where there is a slight gap. Quite frankly, it is not until we break down below the ¥150 level that I would consider shorting, and even then, I would have to see what is going on as far as the risk appetite of the overall markets and the like.

Because of this, I do believe that eventually we get a buying opportunity for a bigger move, but if we were to break down below the ¥150 level and see a huge sell off in other markets, then I would have to think that something bigger is going on. Until then, I assume that eventually the buyers come back in and simply a matter of waiting for stabilization.

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