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GBP/JPY Weekly Price Forecast - British Pound Looks Healthy Against Japanese Yen

The British pound rallied a bit during the week, reaching towards the 200 day EMA, an area that should continue to attract a certain amount attention. Having said that though, if we get a weekly close above that level it’s likely that the market will go looking towards the ¥148 level, and then the ¥150 level. Pullbacks at this point should have plenty of support at the ¥140 level, which is the middle of the bullish flag, so I am still positive on this market, but I recognize it is going to take a significant amount of time to turn things around because quite frankly we will need a change in sentiment longer-term to make this happen. Ultimately, if we can break above the ¥150 level, the market is going to go much higher.

GBP/JPY  Video 13.01.20

If we did break down below the ¥139 level, it’s likely that the market will then go down to the ¥135 level, perhaps even followed by the ¥130 level. Ultimately, this is a market that is very sensitive to risk appetite in of course headlines coming out of the Brexit situation. We should see the UK and the EU negotiating rather soon, so that of course could cause more problems. With the bullish candle that we have formed on the week, we have wiped out most of the losses from the previous week. In other words, it’s likely that we go much higher eventually, but we need to convince the rest of the world to come along with us. Good economic conditions will help as well.

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