FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
32,119,963Confirmed
982,380Deaths
23,698,059Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
GBP/JPY daily chart, July 23, 2018

The British pound found a bit of support during the trading session on Friday, after falling rather hard of the last couple of days. There is a lot of support and demand at the ¥146 level, and it looks as if there is an attempt to make a bit of a stand here. Beyond that, there’s a nice uptrend line and I think that we could see buyers jumping into this market to take advantage of a cheap British pound.

On the other side of the equation is the fact that the USD/JPY pair has been falling rather hard during the day, and of course is the yardstick by which you measure Japanese yen strength. This causes a bit of a “push pull” type of situation, and I think that might be what we see for most of the Friday session, but I do see the potential for a rally on Monday. If we can break above the ¥146.75 level, then I think the market is more than likely going to go looking towards ¥147.50 level. Otherwise, if we were to break down below the ¥146 level on a daily close for the Friday session, I think that the market is all but sold on the idea of going down to the ¥145 level after that. Expect volatility, but there is a certain amount of value to be had here and I think traders are looking at that right now.

GBP/JPY  Video 23.07.18

Advertisement
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

Trade With A Regulated Broker

  • Your capital is at risk