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
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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.
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This article was originally published on FX Empire
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