GBP/JPY Price Forecast – British pound choppy against Yen

The British pound has been very choppy against the Japanese yen during trading on Thursday, as traders come to grips with the idea of the market reaching towards the ¥143 level. If we can break above that level, the market will more than likely continue to go higher, perhaps reaching towards the ¥145 level next. The market continues to be one that’s very difficult to deal with, but I think that the overall attitude is one of bullishness. However, keep in mind that the occasional pullback will be needed, and that should continue to attract value hunters. However, if we turn around and break down below the ¥142 level, the market will unwind rather quickly, perhaps reaching down to the ¥141 level. Otherwise, I do think that the market will try to reach towards the ¥145 level above, which should be significant resistance in and of itself.

Remember that this pair is highly sensitive to risk appetite, and therefore you should pay attention to how markets around the world are behaving. If they start to fall, then that will probably drag this market down with it. However, the more good news we get out of the Sino-American conversations, then that should continue to push this market to the upside. Overall, this is a market that I think continues to be very noisy but it certainly seems to have more of an upward proclivity as of late. I would not fight against that overall bullish attitude in the short run at the very least.

GBP/JPY  Video 24.08.18