Yahoo奇摩新聞 GBP/JPY Price Forecast – British Pound Recovers Against Japanese Yen
The British pound has pulled back initially to kick off the trading session on Thursday but has turned around to show signs of resiliency again. Quite frankly, I think the market is trying to build up enough momentum to finally take out the ¥155 level, and the fact that we continue to turn around at roughly ¥153.50 suggests that there is real faith behind this move. After all, as assets continue to rise in value and risk appetite picks up, you essentially should see this pair rise as it is very risk sensitive.
GBP/JPY Video 21.05.21
Beyond that, you also have the United Kingdom opening up and it does make a certain amount of sense that this market would reflect that as well. If we can get above the ¥155 level, it more than likely opens up a move all the way to ¥160 and possibly even beyond. Pullbacks at this point time should continue to see support at the ¥153.50 level, and then underneath there at the ¥152 level. We are in a nice uptrend and I think that is what you need to pay the most attention to, so having said that I like the idea of buying the dips and adding if we finally get that breakout. At that point, I would anticipate a huge move to the upside. I have no interest in selling this pair anytime soon, because quite frankly we would have to break down below the ¥150 level to get negative, something that I just do not see happening in the current market conditions that we have.
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This article was originally posted on FX Empire
