The British pound has gone back and forth during the course of the trading session on Friday as we continue to see a lot of noise in general. The ¥155 level above is significant resistance as we have seen multiple times, and it looks like we are trying to build up enough momentum to finally go looking towards higher levels above there, but if we were to break above the ¥150 level, the market could very well take off to the upside. At that point, I would anticipate a move to the ¥160 level.

GBP/JPY Video 24.05.21

Underneath, I believe that the ¥153.50 level continues to be massive support, which is an area that has held over the last couple of weeks. We have seen a massive move above that level to show signs of strength, and therefore I think what we are seeing here is an opportunity to back up and build up momentum to the upside. Ultimately, this is a market that I think has been in an uptrend for quite some time and is simply working off some of the recent froth that we have seen. It is also worth paying attention to the GBP/USD pair, as it will give us an idea as to the overall strength of the GBP, which is currently struggling with the 1.42 handle, so if we break out over there, we will almost certainly break out over here. Nonetheless, this pair does tend to move with risk appetite so keep that in mind, and therefore pay attention to stock indices and how they are behaving globally, because it can give you an idea as to where we will go.

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This article was originally posted on FX Empire


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