GBP / JPY Price Prediction – British Pound Continues To Decide Direction
The pound swung back and forth during Monday’s trading session as we tested the 50 day EMA to retreat and form a bit of a neutral candlestick. At this point, the market looks like the 152.50 level is going to continue to be massive support, and if we fall below that level we are likely to go much lower. If we break down below, chances are you can turn to the 200-day EMA below, maybe even the ¥ 150 level after that. The ¥ 150 level is a massive support level that stretches all the way to the ¥ 149 level, so if we were to break through that threshold, the market could crash.
GBP / JPY Video 23.11.21
On the other hand, if we were to turn around and go past the 50-day EMA, then we could look to the ¥ 150 level above, which is an area that there is some psychology attached to. Keep in mind that this pair is very sensitive to risk appetite so I think the currency pair will of course pay attention to things like the stock market and bond markets. As long as we are “risky on” it is very likely that we will continue to find buyers on these dips. On the other hand, if we were to see a major risk off type situation then it is likely that we will continue to move towards that previously mentioned support area. On the upside, if we were to exit above the ¥ 155 level, then we could go much higher.