U.S. markets closed
  • S&P 500

    4,224.79
    +58.34 (+1.40%)
     
  • Dow 30

    33,876.97
    +586.89 (+1.76%)
     
  • Nasdaq

    14,141.48
    +111.10 (+0.79%)
     
  • Russell 2000

    2,286.09
    +48.35 (+2.16%)
     
  • Crude Oil

    73.44
    -0.22 (-0.30%)
     
  • Gold

    1,784.30
    +1.40 (+0.08%)
     
  • Silver

    26.01
    -0.01 (-0.06%)
     
  • EUR/USD

    1.1922
    -0.0003 (-0.02%)
     
  • 10-Yr Bond

    1.4840
    +0.0340 (+2.34%)
     
  • GBP/USD

    1.3930
    -0.0003 (-0.02%)
     
  • USD/JPY

    110.3600
    +0.0620 (+0.06%)
     
  • BTC-USD

    31,750.44
    -3,803.85 (-10.70%)
     
  • CMC Crypto 200

    762.93
    -87.41 (-10.28%)
     
  • FTSE 100

    7,062.29
    +44.82 (+0.64%)
     
  • Nikkei 225

    28,010.93
    -953.15 (-3.29%)
     

GBP/JPY Price Forecast – British Pound Continues to Work Its Way Higher

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

The British pound has been a bit choppy during the trading session on Thursday as we have recently broken above the ¥153.50 level. At this point in time, the market is likely to go higher, perhaps reaching towards the ¥155 level. That is an area that would attract a certain amount of attention as it is a large, round, psychologically significant figure and therefore will have people taking profit as a lot of these systems get involved and work on big figures.

GBP/JPY Video 14.05.21

All things being equal, the market is likely to continue looking bullish overall, but the occasional pullback might be necessary as we have a lot of volatility. We have most certainly broken out as of late, so I do think that it is only a matter of time before buyers would come back in and pick this market up. I have no interest in shorting, and I do recognize that the 50 day EMA crossing the ¥150 level probably makes that yet again another floor the market. Consider that there is a lot of volatility and concern out there, as this market is very sensitive to risk appetite and therefore it could be very noisy. Nonetheless, the longer-term track and momentum in this market certainly looks to be to the upside.

If we broke down below the ¥150 level, then I might consider shorting for a move down to ¥145, but to be honest I would probably be much more interested in buying this pair at much lower levels near that ¥145 level then risking going against the longer-term trend. All things been equal all be looking for an opportunity to get long.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE: