The British pound has pulled back a bit during the trading session on Thursday against the Japanese yen but has recovered enough to show signs of resiliency yet again. With that being the case, the market is likely to continue seeing quite a bit of volatility, but you should keep in the back of your mind that the pair is highly sensitive to risk appetite overall, as the Japanese yen is considered to be a “safety currency”, while the British pound is thought of as being a little bit further out on the risk curve.
GBP/JPY Video 29.10.21
We look at this chart, you can clearly see that the market has been in an uptrend for a while, and it does suggest that we are going to continue to see quite a bit of noise, but eventually the buyers should overcome. Underneath, I see the ¥155 level as an area that could be a major “floor the market” going forward. Underneath there, then the ¥152.50 level could be rather important, pushing this market back to the upside yet again.
Regardless, I think you can probably count on seeing quite a bit of noisy behavior, perhaps a pullback that offers value. I have no interest in shorting this market anytime soon, and I do think that the bullish flag that we are trying to form probably will send this not only to the ¥160 level, but perhaps even higher levels than that given enough time. Ultimately, this is a market that I think is one that you need to be cautious with your position size but add as the trade works out in your favor.
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This article was originally posted on FX Empire
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