GBP/JPY Weekly Forecast – British Pound Attempts Recovery

GBP/JPY Forecast Video for 02.10.23

British Pound vs Japanese Yen Weekly Technical Analysis

The British pound has stabilized a bit against the Japanese yen during the course of the week as it looks like we are continuing to try to go higher, but at this point in time it’s obvious that the market has a lot to deal with, and it will continue to struggle with the idea of the British pound strengthening in general. While the Japanese yen remains very weak, the reality is that the British pound is somewhat in the same boat, although maybe not quite as bad. This is a relative argument, and therefore it does make a certain amount of sense that we would see this pair grind its way higher, not necessarily take off though.

I expect a lot of choppiness in this general vicinity, and it looks like the market is probably going to continue to consolidate between the ¥180 level underneath, and the ¥185 level above. With that being the case, it’s probably more or less a short-term trading environment, and in that environment, I think the weekly candlesticks can only give you a little bit of a guide, but those levels are probably the most important thing to pay attention to at this point. With this being the case, I think the market is one that short-term traders will continue to take advantage of the volatility, and longer-term traders will have to pay close attention to the idea of the longer term uptrend still very much being in the tax, but we probably need to work off some of the excess momentum. Furthermore, we also have quite a few questions as far as risk appetite is concerned. In other words, it’s going to be very choppy.

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