GBP/JPY Price Forecast – The British Pound Continues to Grind Higher Against the Japanese Yen

British Pound vs Japanese Yen Technical Analysis

The British pound has rallied a bit during the course of the trading session on Tuesday to show signs of life, as we have recently bounced from the crucial ¥165 level. With this being the case, it is more likely than not going to continue to see pressure on that 168.50 again region that has been so resistive. If we can break above there, we should continue the overall “buy-and-hold” situation.

Pay close attention to the USD/JPY pair, because of its source to take off to the outside, which will more likely than not drag this market with it, as the US dollar is the main measuring stick for other currencies. If the Japanese Yen continues to melt down, then there’s no reason to think that this pair won’t go higher. That being said, the British pound is not quite as strong as the US dollar, although the “knock-on effect” from that pair will be felt over here.

If we break it down below the ¥165 level, then the 50 Day EMA is sitting at the ¥163 level and rising, which is just above the ¥162.50 level which offers support. Breaking down below that level then opens up the possibility of the ¥160 level underneath, which has been a massive support and is a large, round, psychologically significant figure as well. In general, this is a market that I think given enough time will continue to go higher, but probably has a lot of volatility along the way. That being said, it’s not a huge surprise as this market is volatile under the best of circumstances.

GBP/JPY Price Forecast Video 29.06.22

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