GBP/JPY Weekly Forecast – British Pound Continues to Explode to the Upside

GBP/JPY Forecast Video for 27.11.23

British Pound vs Japanese Yen Weekly Technical Analysis

The British pound has initially pulled back during the course of the week, but then turned around to show signs of life. By doing so, it looks like the market is going to continue to see a lot of volatility and furthermore, we have seen a massive move to the upside. All things being equal, this is market that I think continues to see a lot of upward pressure, due to the fact that the interest rate differential between the 2 economies continues to be wide enough to drive a truck through, and therefore I think you get a situation where you just simply look to buy dips so you can get paid at the end of every day. The market is very strong at this point, and I do think that the British pound eventually goes looking to the ¥190 level.

For that matter, I think it’s very likely that we not only see upward pressure, but I think you also have a situation where you will have a lot of noisy behavior, so I think it’s probably only a matter of time before the market gives you an opportunity to pick up a little bit of value. With that being said, I have no interest in shorting this market, and I think is probably only a matter time before we see buyers picking pounds up, and at this point in time, it’s not until we break down below the ¥180 level that I would even consider shorting. Because of this, I think we have a situation where we continue the same overall long-term uptrend.

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