GBP/JPY Price Forecast – British pound recovers

The British pound rallied a bit against the Japanese yen initially falling at the open though. It looks as if we are going to continue to hover around the ¥138 level, so looking at this chart it looks like we will get more of the same.
Christopher Lewis
GBP/JPY daily chart, June 14, 2019

The British pound initially fell against the Japanese yen, as the Asian markets sold off. However, it looks as if we are going to continue to bounce around the ¥138 level yet again, and at this point it looks very likely that we continue to see a lot of back-and-forth. After all, this is a market that is highly sensitive to risk appetite, so with that in mind I believe that this market is probably going to be erratic to say the least. In general, this is a market that will continue to see erratic moves at times, but it seems as if unlike a lot of the stock markets and commodity markets, we are slowing down in the currency markets.

GBP/JPY  Video 14.06.19

Obviously, the Brexit has a lot to do with what happens in this pair beyond just the simple risk appetite situation, and with signs that the British may be coming to some type of consensus, we may have movement towards the idea of a deal with the European Union. This is very tiring, and therefore the easiest way to trade this market is to simply pay attention to the technical analysis. At this point, if we can break above the ¥139 level I believe that the market will then go to the ¥140 level where there will be even more resistance. However, if we turn around and break down below the bottom of the candle stick for the Thursday session, we probably roll over and go looking towards ¥136.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.