Singapore markets open in 7 hours 39 minutes
  • Straits Times Index

    3,092.11
    -6.14 (-0.20%)
     
  • S&P 500

    4,584.79
    +71.75 (+1.59%)
     
  • Dow

    34,677.79
    +655.75 (+1.93%)
     
  • Nasdaq

    15,392.50
    +138.45 (+0.91%)
     
  • BTC-USD

    56,542.00
    -2,108.50 (-3.60%)
     
  • CMC Crypto 200

    1,439.79
    +0.91 (+0.06%)
     
  • FTSE 100

    7,129.21
    -39.47 (-0.55%)
     
  • Gold

    1,765.80
    -18.50 (-1.04%)
     
  • Crude Oil

    66.75
    +1.18 (+1.80%)
     
  • 10-Yr Bond

    1.4600
    +0.0260 (+1.81%)
     
  • Nikkei

    27,753.37
    -182.25 (-0.65%)
     
  • Hang Seng

    23,788.93
    +130.01 (+0.55%)
     
  • FTSE Bursa Malaysia

    1,501.74
    +4.81 (+0.32%)
     
  • Jakarta Composite Index

    6,583.82
    +76.14 (+1.17%)
     
  • PSE Index

    7,032.54
    +85.48 (+1.23%)
     

GBP/JPY Price Forecast – Sooner or Later, Gravity Will Return

  • 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 gone parabolic during the trading session on Friday yet again, as we have smashed through the last vestiges of resistance. At this point, it is a simple matter of waiting for a pullback in order to get long. This is part of what can make trading so difficult, waiting for the right set up. As I woke up in North America, the market had already broken above the ¥157 level, so my job is to now look at any pullback as a sign of weakness that I can take advantage of. This is not the easiest thing to do, but experience has taught me more than once that if you simply jump in after a move like this, you are going to get hammered sooner or later.

GBP/JPY Video 18.10.21

That being said, I would love to see a pullback closer to the ¥155 level that shows a little bit of a bounce, because I would be all over it at that point. The British pound itself is breaking out overall, it quite frankly if this keeps up, it might be easier to buy the GBP/USD pair as it is just now starting to break out at the same time but from a more sustainable move.

This is clearly about the Japanese yen more than anything else though, because even the US dollar is rallying significantly against the yen. With that being said, I do think that it is probably only a matter of time before we continue to go higher and look towards the ¥160 level, but you have to recognize that it is only a matter of time before gravity comes back into the picture.

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