GBP/JPY Forecast June 23, 2017, Technical Analysis

The British pound initially fell during the day on Thursday, but found enough support near the 140.50 level to turn things around and show signs of support. I believe that a break above the 141.25 level census market looking for the 141.75 level, and then eventually the 1.40 2.25 level. Ultimately, the market continues to have buying opportunities every time we pull back, and of course is market is obviously risk sensitive. Ultimately, the market looks likely to be volatile due to the headlines coming out of London when it comes to the exit from the European Union. Ultimately, risk appetite will be a massive influence on this market as well. Longer-term, the gap extends to the 142.50 level, and if we break above there, the market should continue to go to the 145 handle.

Ultimately, diligence will be needed

The market will continue to be very noisy regardless, but it appears to me that the Japanese yen is starting to sell off overall. If that’s the case, this market will be extraordinarily bullish, and if the stock markets continue to ride to the upside, this pair should do the same. Ultimately, I don’t have any interest in selling, I believe that the uptrend line that you see on the hourly chart that coincides with the 140 level should continue to be very supportive as well, so therefore I’m looking to buy and will ignore selling signals unless of course we have a massive meltdown. I don’t see that happening, and I believe that the market continues to go to the upside.