GBP / JPY Price Prediction – The British Pound Continues To Trade In The Same Range
The British pound rallied slightly against the Japanese yen in Thursday’s trading session, as we continue to see the same reaction around the world to risk appetite, in the form of, to say the least, confusion. For this reason, it is likely that we will see a continuation of the overall restless behavior that we have seen for some time. For this reason, I think you should continue to view the 153 level as the top of a resistance barrier and then the ¥ 150 level is significant support below. This support extends to the ¥ 149 level, which is a major support range.
GBP / JPY Video 08.10.21
As we are essentially right in the middle of the overall range, it makes sense that you probably stay away from this trade, unless of course you want to go back and forth between the two main areas on the charts at short term. Range traders will likely like this chart, but when I look at the longer term version of this chart it suggests that we may be trying to form a top pattern a bit.
When you look at this chart, it is easy to see how erratic the markets have been, as the pair tends to rise in good times but tends to fall when there is more “risk attitude” in. the world. That being said, the markets seem to be locked into some type of indecisive behavior, so I think it all makes a bit of sense. If we go out of range, it’s just a matter of following the market up or down.
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