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GBP/JPY Price Forecast – British Pound Turns It Around Against Lowly Yen

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Christopher Lewis
·2 min read
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The British pound has rallied again against the Japanese yen during the trading session on Friday to recover and solidify the ¥150 level as a potential floor. At this point, it looks very much like the market is going to continue to try to grind higher against the yen, continuing the overall bullish sentiment that we have seen for some time. With that being the case, I think it is only a matter of time before we go reaching towards the highs and perhaps even further than that.

GBP/JPY Video 12.04.21

Recently, the British pound had been sold off against several other currencies, as it had taken a bit of a breather. It does look to me like we are going to see a relatively significant turnaround at this point, as the move has been so sharp. With that being the case, I believe that the target is probably ¥153.50, which would then open up the possibility of a move to the ¥155 level.

Underneath, not only do we have the ¥150 level offering a bit of psychological support, but we also have the 50 day EMA coming into the picture which of course is a bullish sign as well. With all this being said, as long as we get more of a “risk on” type of attitude, that will probably propel this market higher. Pay close attention to the 50 day EMA, it has been rather supportive and crucial lately, so now it appears that the correction may be winding down and the overall trend can continue from here. I have no interest in selling this pair, at least not until we break down below the ¥145 level.

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

This article was originally posted on FX Empire

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