Yahoo Finance GBP/JPY Weekly Price Forecast – The British Pound Continues to Grind Higher
British Pound vs Japanese Yen Weekly Technical Analysis
The British pound has initially fallen during the week but then turned around to show signs of life again. By doing so, the market broke above the ¥160 level, an area that I think could be important from a longer-term standpoint. At this juncture, I think we have a scenario where the market is going to be noisy due to the fact that there’s so much in the way of confusion. Keep in mind that this pair is highly sensitive to risk appetite, so you obviously need to be cautious about what’s going on in other markets.
At this juncture, the market is likely to see a lot of outside influence due to the fact that the Japanese yen is considered to be a safe currency while the British pound is what people will run toward if they are feeling a little bit more bullish on the global economy. At this moment, I think that we are having a rather equal battle, but it is worth noting that we had recently bounced from exactly where you would hope if you were bullish on this pair.
Either way, pay attention to other markets such as stock markets and commodity markets because they can give you an idea as to what risk appetite is like. That will have a major influence on what we see here, so therefore you need to be cognizant of what’s going on. Ultimately, I think this is a market that will have to make a big decision, but as things stand right now we are still technically in an uptrend and that’s the most important thing to pay attention to. That doesn’t mean that we jump in right now and start buying, just that we know it’s the easier path.
GBP/JPY Price Forecast Video 30.05.22
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This article was originally posted on FX Empire
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