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GBP/JPY Price Forecast – The British Pound Continues to Pressure Resistance

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British Pound vs Japanese Yen Technical Analysis

The British pound has gone back and forth during the trading session on Wednesday as we are hanging about the ¥165 level, trying to build up enough momentum to break out of the resistance area above. The ¥168.50 level seems to be a bit of a difficult area to get through, so if and when we finally do break above there, I believe this market has much further to go.

If the market ended up breaking down below the ¥165 level, then it’s possible that we get up a bit more of a correction, perhaps down to the 50-Day EMA, presently sitting at the ¥163 level. At this point, the market would look at the ¥162.50 level next, perhaps even the ¥160 level after that. It’s not until we break down below the ¥160 level that I would be concerned about the overall trend, and I do recognize that the market is doing everything it can to finally break out.

Pay attention to the USD/JPY pair, as it gives you a bit of a barometer on the Japanese yen. As long as that pair continues to go higher, it is more or less only a matter of time before this one follows. Obviously, the exact opposite can be true as well, but the trend is very well ensconced in the market and it’s obvious that the market has looked at this as a potential breakout, especially with the Bank of Japan doing unlimited quantitative easing, there’s no reason to think that the Japanese yen will suddenly strengthen. Buying on the dips continues to be how this market plays out.

GBP/JPY Price Forecast Video 30.06.22

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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