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GBP/JPY Weekly Price Forecast – British Pound Struggles With ¥160

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·2 min read
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British Pound vs Japanese Yen Weekly Technical Analysis

The British pound has rallied significantly during the course of the trading week, and at one point looked extraordinarily bullish. However, it looks as if the ¥160 level is going to offer a significant amount of resistance, so be interesting to see how this plays out. Keep in mind this pair is extraordinarily sensitive to risk appetite so that is something that you need to keep in the back of your mind.

The market has pulled back rather significantly over the last couple of weeks, and I think we will continue to see a lot of noisy behavior that is going to cause headaches to say the least. That being said, if we could somehow break above the ¥162.50 level, then we can continue the overall uptrend. Alternately, if we were to break down below the ¥157.50 level, that could open up the possibility of a move down to the ¥155 level. The ¥155 level also features the 50 Week EMA, and that comes into the picture as well.

Regardless of what happens next, I think this is going to be a very difficult market to trade on longer-term charts, because the British pound itself is rather soft, just as the Japanese yen is. It also tends to be a very explosive moving market, so therefore I think this is a situation where you need to be very cautious about your position sizing more than anything else and let the chips fall where they may. Pay close attention to the USD/JPY as well, as it can give you an idea as to what is going on with the Japanese yen itself.

GBP/JPY Price Forecast Video 23.05.22

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This article was originally posted on FX Empire

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