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Christopher Lewis
GBP/JPY daily chart, October 15, 2019

This pair is essentially going to be a very difficult pair to get a grasp on at times, because the pair obviously has to deal with Brexit which is a complete mess. Brexit is all over the place, although there have been some more positive comments as of late, and that of course helps the British pound in general. This pair is a bit more thin than GBP/USD, so it will probably move rather quickly. That being the case, the market could be rather explosive in one direction or the other.

GBP/JPY  Video 15.10.19

The ¥135 level underneath should be supportive, so a break down below there would lead to much deeper losses. However, at this point the market also has to deal with the overall risk appetite, which is a bit perplexing at the moment as the US/China trade situation has continued to stall and produce nothing. With that being the case it’s a bit surprising that this market would show signs of bullish pressure, as Brexit has obviously gotten this market in overdrive.

If we were to break above the top of the candle stick for Friday, that opens up the door to the ¥140 level, which is a large, round, psychologically significant figure. At this point, we are essentially between two major levels, so it’s likely that the market will continue to be very noisy in general as the market has a lot to digest.

Please let us know what you think in the comments below

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