GBP/JPY Weekly Price Forecast – The British Pound Continues to Show Volatility Against the Yen

British Pound vs Japanese Yen Weekly Technical Analysis

The British pound has gone back and forth during the course of the week, as we continue to threaten the ¥165 level. That being said, this is a market that will struggle quite a bit for clarity, but it does seem as if we are more likely than not going to find a move to the upside being easier to accomplish. The ¥162.50 level is an area where we have seen a lot of support, and therefore I think that dips are buying opportunities. Even if we break it down below there, the market is likely to see the ¥160 level as a potential support level as well. In general, I like the idea of buying dips still.

On the other hand, if we break above the ¥165 level, then it could open up the possibility of a move to the ¥168 level. This is a market that has been strong for quite some time, but it also has been very noisy. When you look at the overall trend, it is showing a lot of hesitation in this area, so the question now is whether or not we are going to see a reversal, or if we are finally going to break out to the upside.

If we were to break down below the ¥160 level, we could threaten the market breaking down in the other direction, but if we were to break above the eyes, then it opens up the possibility of a move to the ¥170 level. Looking at this chart, I think the only thing you can probably count on is a lot of volatility.

GBP/JPY Price Forecast Video for the Week of 18.07.22

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