GBP/JPY Forecast August 21, 2017, Technical Analysis

The British pound sliced through the vinyl 140.50 level, and was testing the 140 handle as I recorded this. That is an area that should hold if the buyers have any hope. If we break down significantly below there, the market should then go to the 138 handle, and then possibly the 135 level after that. Ultimately, this pair tends to move on risk appetite, so it’ll be interesting to see how this plays out. If we could bounce and break above the 140.50 level, that could be a good sign to start buying for a longer-term move. With this being the case, I think we are at a very important inflection point, because a breakdown below here could be rather drastic and send shudders throughout the financial markets.

GBP/JPY  Video 21.8.17