GBP/JPY Price Forecast – British Pound Continues to Show Signs of Support at Major Figure
The British pound initially fell during the Friday trading session, reaching the 132 yen level. In this way we found enough support to turn things around and jump pretty hard. In this sense, it looks like this area is holding. It was the beginning of an initial surge and now it looks to me that buyers are more than willing to protect the British pound. If we take some risk on trading, it could push this market further.
GBP / JPY video 06/22/20
Keep in mind that the British pound continues to be affected by Brexit and, of course, the situation in the UK as a whole. I think at this point the markets are likely to look beyond that as they have a remarkable ability to deal with most macro-economic issues. If we drop below the 132 yen level, it could ultimately cause this market to drop to the 129 yen level, but given how quickly we got here, an upturn would still make sense. The 50-day EMA mentioned above could be a significant resistance. If we were to break up there it would of course be an exceptionally good sign. However, this must go hand in hand with a great “risk” around the world. So keep that in mind. A lot of choppiness can be expected in this environment.
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This article was originally published on FX Empire
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