GBP / JPY Price Prediction – British Pound Threatens To Break Through
The pound rallied slightly during Friday’s trading session, but still needs to worry about the 153.50 yen level before it can continue to rise. The ¥ 155 level above is massive resistance and is a good target for the market if it actually turns very bullish. It should be noted that the most recent decline was much shallower than the previous one, so the odds speak of a potential amount of significant support, which of course would be a very negative turn of events allowing the pound. sterling to go down to ¥ 150.
GBP / JPY Video 09.08.21
The market continues to be very noisy in general so I think you will need to continue to look at it through the “risk on / risk off prism” which is pretty typical for this pair anyway. I think you will have to be small in your stance, because frankly it wouldn’t take too much to scare the market these days, nor to make everyone look upward when it comes to appetite for the risk.
Loud behaviors will continue to be the mainstay, and now we’re just trying to determine whether or not this was non-trend volatility or whether it was the beginning of weakness? It’s still a bit early to make that decision, but for now, if I had to guess I would say the upside is probably much more likely than the downside at this point. It should be noted that the British pound itself against the US dollar has not taken off, so this may be a movement of the Japanese yen.
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