GBP/JPY Price Forecast – The British Pound Continues to Climb Overal Against Yen

British Pound vs Japanese Yen Technical Analysis

The British pound initially pulled back against the Japanese yen during the trading session on Thursday but has found plenty of buyers underneath as we continue to see a lot of opportunities to get long again. After all, the Bank of Japan continues to fight interest rates rising in that country, so, therefore, they are essentially “printing yen” at the moment, and as a result, the currency markets continue to punish the Japanese currency.

At this point, it’s easy to see that we recently broke the high, and now it’s very possible that we could see the GBP/JPY pair go looking to reach the ¥170 level. While this seems like an extraordinarily high level, it was just a few years back when you could see a ¥200 area. Pullbacks should continue to be buying opportunities, especially as we get close to the ¥165 level. This is an area where a lot of people will be looking to take advantage of value, trying to take advantage of what is an obvious uptrend.

If we were to break down below the ¥165 level, then we will more likely than not challenge the ¥162.50 level, where the 50 Day EMA is racing toward. Ultimately, I have no interest in shorting this market because of the massive correction that we have seen, unless of course there is some type of massive geopolitical risk out there that has people running toward the safety of the yen, despite the fact that the central bank in Japan is working against it.

GBP/JPY Price Forecast Video 10.06.22

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