GBP/JPY Weekly Price Forecast – The British Pound Has a Wild Ride Against the Japanese Yen

British Pound vs Japanese Yen Weekly Technical Analysis

The British pound has been all over the place during the course of the week as we continue to see volatility throughout markets. This pair is particularly volatile under the best of circumstances, so this should not be a huge surprise considering everything that the world is dealing with at the moment. In this scenario, I think it is more likely than not we see quite a bit of back-and-forth, and this candlestick is a perfect representation of just how that could play out.

Looking at this chart, you can see clearly that the ¥160 level has offered a significant amount of support, so it should not be a huge surprise to see this as a scenario where we could use that as a bit of a floor. That being said, I think the market is more likely than not going to continue to try to grind higher, regardless of this floor. The ¥162.50 level has been important as well, so pay close attention to it. On the upside, the ¥165 level has been obvious resistance, but I do think that given enough time we will probably break through it. With this in mind, we will then challenge the ¥168.50 level above, which has also been very crucial multiple times.

This pair is highly sensitive to risk appetite, so you will have to keep an eye on world events and what’s going on in general. In that scenario, you can keep an eye on stock markets, commodity markets, and other currency pairs to see whether or not people are willing to step out on the risk spectrum and trade this market accordingly.

GBP/JPY Price Forecast Video 11.07.22

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