GBP/JPY Price Forecast – British pound rolls over slightly

The British pound has been falling against the Japanese yen for quite some time, and the fact that we have turned right back around to form a somewhat negative looking candle stick after an initial rally suggests that we have more head. The ¥137 level seems to be an area of interest by the sellers, so I think it’s more likely than not that we will roll over here and start selling off again.

GBP/JPY Video 25.06.19

The global concerns continue, and those global concerns can power where this pair goes. Remember, it is highly sensitive to geopolitical issues, so it makes sense that we continue to wilt. Beyond that, we have the ridiculous behavior with the Brexit, and of course have no idea where that will lead, it makes sense that it’s only a matter of time before some type of comment comes out that throw this market into disarray again. That being said, there are all a multitude of potential trades.

On a break below the candle stick for the trading session on Monday, it’s very likely that we are going to drift towards the ¥136 level. If we break above the top of the last couple of candles, then it’s likely that we go to the ¥138 level. A break above that level should then go to the ¥140 level which of course is a large, round, psychologically significant figure. All things being equal though, rallies at this point will probably be faded.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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