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GBP/JPY Weekly Price Forecast – British Pound Continues Break Out Against Japanese Yen

The British pound rallied during the week, breaking to a fresh, new high as we continue to see a lot of buying pressure. It looks as if the Tories are going to have a majority Parliament, and that of course is helping the British pound.
Christopher Lewis
GBP/JPY weekly chart, December 02, 2019

The British pound continues to be very bullish in general, as this weekly candlestick is going to continue to push to the upside. At this point in time it’s very likely that the market will see buyers jump in and once we do get a little bit of momentum, it’s very likely that we will see the ¥145 level tested. Pullbacks at this point will more than likely be thought of as buying opportunities, and therefore short-term traders will continue to jump in and lift the longer-term attitude. The 50 week EMA is sitting just below and curling higher, offering a glimpse of the overall attitude change. If we can break above the ¥145 level, then it’s likely that we go looking towards the 100% Fibonacci retracement level which is closer to the ¥149 level.

GBP/JPY  Video 02.12.19

If we were to break down, it’s very likely that we will see a lot of support at the ¥135 level based upon shorter-term charts as well. All things being equal, this is a very impulsive move to the upside, and it looks likely that we are ready to come to the upside. If we were to break above the ¥150 level, this market will rocket to the upside, showing some real momentum at that point. Remember, it isn’t necessarily whether or not the British leave the European Union, it’s more about getting some type of certainty going. As soon as we have certainly, then we can start to focus on economic fundamentals again.

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