GBP/JPY Price Forecast – British Pound Pulls Back
The British pound initially attempted to rebound during Tuesday's trading session but then returned gains to hit the 152.50 yen level. This is an area where we had recently seen a level of resistance so it should be a level of support now. That being said, the market is a little ahead of the curve and so I think part of what we're seeing here is simple profit-taking.
GBP / JPY Video 4/7/21
Scroll to continue with the content
Mantolama Teklifi Alın!
Mantolama kararı alındıktan sonra yapılması gereken ilk iş ön keşiftir. Bu aşama için bize 444 6 990 numaralı Weber Çözüm Hattı’mızdan ulaşabilirsiniz
The 150 yen level is a big, round, psychologically significant number and an area that I think will get a lot of attention anyway. Additionally, the 50-day EMA is starting to hit slightly above 148.50 yen, an area that was previously also supported. That being said, the market will likely continue to see buyers in these slumps, but in the short term it certainly looks like we should pull back slightly. Keep in mind that this pair is very risk appetite sensitive so it is certainly something worth watching as the markets can have an impact on where we go next.
Even so, I still believe the market is ready to move higher and I have no interest in closing this market anytime soon. The level of 145 yen would be a "floor the market". So if we collapsed down there, the market would likely enter some kind of downtrend. Ultimately, I don't think that's going to happen, but of course I would have to watch out for a change in general attitudes if we were to cross that line. At this point, it's easy to wait to find some value that we can use.
In our economic calendar you will find all the economic events of today.
This article was originally published on FX Empire
More from FXEMPIRE:
Basic Daily Oil Price Forecast - Prices rise when demand optimism returns
S&P 500 Price Forecast - Markets look a little tired
Daily USD / CAD Forecast - US dollar tries to rebound against Canadian dollar
Illumina Trading higher after increasing leadership
Stocks stay close to all-time highs
Crude Oil Price Forecast - Crude Oil Markets Recover From Trend Line
In this article:
GBPJPY = X.
JPY = X.
GBP = X.
Mention your own website in this post for Advertisement
Prince Philip’s Daughter-In-Law, Sophie, Countess Of Wessex, Discusses His Final Moments
CDC chief urges Michigan to ‘close things down’ amid alarming COVID-19 spike
NFL Legend Troy Aikman Reveals He Still Has Abs in a New Shirtless Photo
Gregg Popovich, Doc Rivers speak out after Daunte Wright shooting: ‘We’re canceling Black lives’
NFL Rumors: Russell Wilson, Pete Carroll reportedly reached out to Giovani Bernard
U.S. senator wants to ban Big Tech from buying anything ever again