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Christopher Lewis
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GBP/JPY daily chart, November 15, 2019
Japanese Ten Thousand Yen Notes

The British pound has pulled back against the Japanese yen again on Thursday, as we continue to consolidate overall. This is a market that is going to try to build up enough momentum to finally go higher due to the fact that it is trying to form a bit of a bullish flag, as seen across the Forex markets with the British pound in general. With that being the case, I am looking for dips to take advantage of, especially as the 200 day EMA sits just below.

GBP/JPY  Video 15.11.19

The market should continue to be very noisy in general, but I think eventually we get a move to the upside based upon the impulsiveness of the rally previously. Beyond that, the 50 day EMA is starting to move towards the 200 day EMA, forming the so-called “golden cross.” While I’m not a huge proponent of that indicator, it does capture a lot of attention, and therefore it could have traders jumping into the marketplace. With that, I remain bullish, but I also recognize we need to clear the ¥141.50 level in order to really start to pick up momentum to the upside. In the meantime, this pair continues to kill time which in and of itself is bullish considering just how bullish the market had been in. Ultimately, if we do break out to the upside, we are more than likely going to get a move towards the 100% Fibonacci retracement level, which is closer to the ¥149 level. Furthermore, it could be the beginning of the complete trend change for the longer-term.

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