Yahoo Finance GBP/JPY Price Forecast – British pound recovers slightly on Thursday
The British pound has rallied during the day on Thursday to recover a bit of the losses against the Japanese yen. We have basically wiped out most of the losses from the trading session on Wednesday, as it seems like more of a “risk on” attitude has taken hold with the Americans we get out. Ultimately, I think that this pair does go higher, but obviously we have to worry about the Brexit headlines as well. The market will continue to react in correlation to risk assets overall, so pay attention to the stock markets. With today being the jobs number, we could see a lot of noise but I think that it’s only a matter time before we break out to the upside. The ¥150 level looks to be the longer-term target, and I believe we will continue to try to reach there.
The ¥147 level underneath continues to offer a bit of support, and there’s even more support below the ¥145 level. While I do not think it’s a good idea to simply by this pair here and set stop losses at the ¥145 level, I do think that’s the “bottom” of the market. I continue to buy dips based upon value, but I also recognize that I will get the occasional washout and take the occasional loss. Eventually though, I believe this builds up to a longer-term “buy-and-hold” scenario for traders and investors. This will be especially true once we get some type of agreement involving the Brexit.
GBP/JPY Video 05.10.18
This article was originally posted on FX Empire
