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GBP/JPY Price Forecast – The British Pound Continues to Hover Above ¥165

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·2-min read
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British Pound vs Japanese Yen Technical Analysis

The British pound initially fell to the ¥165 level but found enough buying pressure there to support the market. Ultimately, this is a market that will eventually have to decide whether or not it is going to continue going higher, or if it needs to pull back further in order to find buyers at a lower level. The 50 Day EMA is breaking above the ¥162.50 level and rising. At that point, the market is more likely than not going to be supported dynamically by that indicator.

However, one thing that is worth noting is that you could make an argument for a bit of a triple top. That being said, the Bank of Japan continues to work against the value of its own currency by keeping interest rates down in that country. They are essentially “printing yen” and going through quantitative easing while the rest of the world is going in the opposite direction. Because of this, the market is likely to continue to see more of a “buy on the dip” type of attitude, as the Japanese yen will continue to suffer.

However, you need to keep in mind that the market is more likely than not going to have to keep in mind the risk appetite of traders as well, which causes the counterbalance of the uptrend. If we break above the ¥168.50 level, then it’s possible that the market could go to the ¥170 level, perhaps even higher than that. As far as selling is concerned, I would like to see this market breakdown below the ¥160 level before I take that seriously.

GBP/JPY Price Forecast Video 27.06.22

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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