Singapore markets closed
  • Straits Times Index

    3,101.93
    +9.82 (+0.32%)
     
  • Nikkei

    28,029.57
    +276.20 (+1.00%)
     
  • Hang Seng

    23,766.69
    -22.24 (-0.09%)
     
  • FTSE 100

    7,122.32
    -6.89 (-0.10%)
     
  • BTC-USD

    48,816.02
    -4,623.37 (-8.65%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • Dow

    34,580.08
    -59.71 (-0.17%)
     
  • Nasdaq

    15,085.47
    -295.85 (-1.92%)
     
  • Gold

    1,782.10
    +21.40 (+1.22%)
     
  • Crude Oil

    66.22
    -0.28 (-0.42%)
     
  • 10-Yr Bond

    1.3430
    -0.1050 (-7.25%)
     
  • FTSE Bursa Malaysia

    1,501.74
    0.00 (0.00%)
     
  • Jakarta Composite Index

    6,538.51
    -45.31 (-0.69%)
     
  • PSE Index

    7,055.19
    +22.65 (+0.32%)
     
BANKS:

DBS CEO says tough for digital banks to muscle into Singapore

GBP/JPY Price Forecast – British Pound Pulling Back Against Yen

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

The British pound has initially tried to rally during the course of the trading session on Friday but gave back gains to drift below the ¥157 level. This of course is a sign of weakness, but at this point in time the market clearly has been overbought and therefore a pullback needs to happen in order to build up a little bit of value. Quite frankly, the market got so far over stretched at that I am looking for a return to the ¥155 level at the least. Any sign of support or of bounce in that general vicinity is reason for me to get long. Even if we breakdown through there, I believe that the ¥152.50 level then offers support.

GBP/JPY Video 25.10.21

Keep in mind that this pair is highly sensitive to risk appetite, so you need to watch what is going on around the world, as it could give us a little bit of a “heads up” as to where this pair could go. That being said, the Japanese yen is far too oversold to get aggressive with that this point, so I think what we are looking at currently is a market that you need to wait for opportunity.

If we were to turn around and break above the highs, I would not like that at all, because it would lead this market into something akin to cryptocurrency type trading, which is reckless to say the least. The noisy behavior in this market should continue to be a deterrent, but eventually we will get the stability that we need. In general, I do not like chasing trades, and sometimes the hardest part of being a profitable trader is simply waiting for your opportunity.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE:

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting