GBP/JPY Price Forecast – British Pound Pulls Back From Big Figure

The British pound initially tried to rally during the course of the trading session on Wednesday as the ¥155 level came into the picture. That being said, the market is likely to continue to see the ¥155 level as a major ceiling. That being said, I do think that it is only a matter of time before we break above there and even though we have seen quite a bit of negativity during the session, we are still very much in an uptrend, so it is only a matter of time before the buyers return. I anticipate somewhere near the ¥153 level we could see traders come back into this market, but nonetheless what I am looking for is a daily candlestick that shows signs of support. After all, it is about buying “value” as it appears.

GBP/JPY Video 20.05.21

On the other hand, I do think that given enough time we might break above the ¥155 level and continue towards the ¥157.50 level, and then eventually the ¥160 level. This is a market that is going to be very sensitive to risk appetite in general, so I do think it is only a matter of time before we see this market move back and forth right along with stock indices and everything else. We simply need to see this market calmed down in general, and then the GBP/JPY level will start to increase right along with it. At this point, I am looking for signs of stability that can offer a buying opportunity, and ultimately take advantage of what has been such a strong trend.

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