GBP/JPY Price Forecast – British Pound Pulls Back Against Yen

British Pound vs Japanese Yen Technical Analysis

The British pound has fallen against the Japanese yen during the trading session on Wednesday, as it looks like we are going to find buyers on this dip. If that’s going to be the case, I expect this up trend to continue, but I also recognize that it is going to be very noisy and therefore I think you need to be cautious with your position sizing. Nonetheless, I think this is a situation where there is plenty of support underneath, so even if we do continue to go lower for a bit, I’d be paying close attention to the ¥165 level, especially now that the 50-Day EMA is sitting right there as well.

Ultimately, this is a market that I think will eventually go higher based upon what the Bank of Japan is doing, not necessarily anything going on in the United Kingdom. Ultimately, this is a scenario where I think it will underperform other Japanese yen related pairs, as there are a whole load of issues with the United Kingdom, so even though the Japanese currency is being eviscerated, it probably is a scenario where this underperform.

That doesn’t necessarily mean that he can’t be buyers of this pair, just that the market has been very difficult to hang onto, therefore I think that given enough time we could go higher, but you will probably have better luck trading currencies such as the Australian dollar, New Zealand dollar, Canadian dollar, and obviously the US dollar against the Japanese yen. If we were to break down below the ¥165 level, then it’s likely that we could go down to the ¥162.50 level.

GBP/JPY Price Forecast Video for 10.11.22

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