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Christopher Lewis
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GBP/JPY

The British pound has pulled back during the trading session again on Thursday against the Japanese yen, as we continue to look for some type of directionality. Ultimately, I think that this is a market that will continue to be very choppy, but it still has more of an upward tilt than anything else. With that in mind, I am looking for buying opportunities somewhere between the ¥141 level and the ¥140 level. Because of this, I think that you can probably expect some type of bounce coming soon but with the employment figures coming out on Friday, one would have to think that the Thursday session is not one that you can put a lot of stock in.

GBP/JPY Video 04.09.20

Ultimately, I do think that the ¥140 level will offer significant support, so that being said I have got no interest in trying to short this market, and I would fully anticipate some type of bounce from there. If we do break through there then I will have to reassess the entire situation, and at this point I do not see anything that has me overly worried about that. To the upside, I anticipate that the ¥142.50 level will continue to offer a certain amount of resistance, but I believe that the real target is closer to the ¥145 level once we pick up a little bit of momentum. Keep in mind that a lot of traders just came back from vacation and are waiting to see what the employment situation in the United States look like as to put risk appetite out there.

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