GBP/JPY Price Forecast – The British Pound Falls Hard

British Pound vs Japanese Yen Technical Analysis

The British pound has fallen hard during the trading session on Wednesday to crash to the ¥160 level. If we can break significantly below here, then it should continue the overall bearish pressure, as we have seen a lot of noisy behavior. We have had a nasty bounce, but now it looks like we are ready to continue worrying about multiple things. With this being the case, it is only a matter of time before we see selling pressure.

It is worth noting that even the USD/JPY pair is showing signs of hesitation, so if that is going to be the case, then the Japanese yen may get a bit of a bid against multiple currencies. The market will continue to be very noisy, and of course, driven by risk appetite around the world. All things being equal, this is a market that I think could be a bit of a harbinger as to where risk appetite is going, and it is worth noting that we had fallen all the way down to the 200 Day EMA and bounced. That is an indicator that a lot of people will be paying close attention to, so if we start to break down here, it is more likely than not we are going to see selling in the stock markets, crypto, and everything else.

If we were to turn around a break above the highs from the last two candlesticks, then it is possible that we could go looking to reach the ¥162.50 level, but it would take quite a bit of effort to make that happen after we have seen so much downward pressure in the day, and it looks like it is increasing.

GBP/JPY Price Forecast Video 19.05.22

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