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GBP/JPY Price Forecast – British Pound Digesting Gains

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The British pound has shown itself to be rather strong over the last several weeks, especially against the Japanese yen. At this point though, it looks as if the market is comfortable simply waiting for consolidation and digestion of the massive gains that we had seen. After all, markets cannot go straight up in the air forever, so it does make a certain amount of sense that we need to either digest these gains or perhaps even pull back. A pullback at this point in time will more than likely offer plenty of value the people are more than willing to take advantage of, so you should keep that in mind. With this being the case, I think that dips should be looked at as an opportunity that you should be taking advantage of.

GBP/JPY Video 22.10.21

Keep in mind that this pair is highly sensitive to risk appetite, and that of course is something that has an influence on this market regardless of what is going on in either Great Britain or Japan. Nonetheless, it is obvious that the market is looking at the totality of the global economy, which of course is up in the air at the moment. But it certainly looks as if people are banking on some type of expansion as the pandemic seems to be getting a bit under control. As we continue to see lockdowns being lifted, that will of course continue to push risk appetite out on the spectrum, meaning that funding currency such as the Japanese yen will continue to be sold into as traders are looking for value and returns.

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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