GBP/JPY Price Forecast – The British Pound Gets Hammered Against the Japanese Yen

British Pound vs Japanese Yen Technical Analysis

The British pound fell rather hard during the course of the trading session on Tuesday to crash into the ¥162 level, an area where we have seen buyers jumping back into the picture. At this point, the market should see plenty of buying opportunities, with the ¥160 level being an area that a lot of people will be paying close attention to. Furthermore, the 200 Day EMA is racing toward that area as well. At this point, we can see a bit of a bounce. However, if we were to turn around a break above the ¥162.50 level, then the market could go looking to the 50 Day EMA.

The size of the candlestick is rather negative, but we have seen this market slam back and forth multiple times over the last couple of months, so I would not be overly concerned with the size of the candlestick because the pair is just so volatile, to say the least. The market will continue to be very noisy and erratic due to the fact that it is so highly sensitive to risk appetite in general.

If we do break down below the ¥160 level, we could see a significant move lower, as it would be a major breach. On the other hand, if the market were to turn around and threaten the ¥165 level, breaking above that level opens up the possibility of a bigger move to the upside. Ultimately, the only thing you can count on here is a lot of noisy behavior.

GBP/JPY Price Forecast Video for 13.07.22

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