GBP/JPY Price Forecast – British Pound Continues To Grind Higher Against Japanese Yen
The British pound went back and forth during the trading session on Friday, as we initially shot higher but then got really poor retail sales out of the UK which sent the pair lower. Ultimately though, this is a market that is trying to break out to the upside total we interesting to see whether or not we can. All things being equal, we are still in a bullish uptrend, and therefore that’s exactly how we should be paying attention to this market and more importantly, trading it. If the market does in fact recover from here, then it shows that the British pound is hell-bent on going higher.
GBP/JPY Video 20.01.20
To the upside, I see the market trying to work its way towards the ¥147.50 level, and as a result I am still bullish but I also recognize that it could be very noisy in the interim, meaning that we will probably have plenty of opportunities to pick up value based upon dips. Having said that, even if we do break down from here it’s likely that the previous bullish flag should continue to offer support, and obviously the ¥140 level will offer support. Before we even get to that area though, I see the 50 day EMA as being an opportunity as well, and as a result I think there are plenty of reasons to think that we are going to continue to go to the upside. With this being the case, the market is likely to see a lot of noisy behavior but it is still bullish longer term so therefore that’s how you should be looking at it.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
