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Christopher Lewis
GBP/JPY

The British pound has initially tried to rally during the trading session on Friday but gave back the gains a turnaround or fall pretty hard. Having said that, I would not read too much into this candlestick other than the fact that the market is trying to get back towards the ¥140 level, an area that should continue to offer a significant amount of support, due to the fact that it was so much resistance previously. At this point in time, short-term pullback should be buying opportunities and I do think that it continues to go to the upside, perhaps reaching towards the ¥142.50 level, and then perhaps even the ¥145 level which is my longer-term target.

GBP/JPY Video 07.09.20

That being said, it does not mean that it will not be volatile, because obviously it will be. However, if you can wait for some type of short-term bullish move, then we can take advantage of what is a longer-term trend. As far as selling is concerned, I think we need to crash through the ¥138 level before the uptrend is seriously threatened. I think at this point you should also keep in mind that the market continues to see a lot of volatility, but there is still a lot of interest in owning the market. This pair is obviously sensitive to risk appetite, so that could come into play but if we can stabilize a bit after the negativity that we had seen on Thursday, it is likely that this pair will continue the uptrend and make a serious run towards ¥145 over the next several weeks, if not months.

For a look at all of today’s economic events, check out our economic calendar.

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