The British pound has rallied during the course of the week but gave back quite a bit of the gains. That being said, the market has plenty of noise out there to keep it going back and forth. We had gotten rather overdone at one point, but now it looks as if we are simply trying to figure out whether or not we are comfortable appear, or if we need to have some type of massive pullback. The ¥158 level looks to be significant resistance, so if we can break that level then I believe that this pair goes much higher.
GBP/JPY Video 01.11.21
To the downside, I believe that the ¥155 level is significant support, as it had been significant resistance previously. I am banking on “market memory” to come into the picture and save the uptrend. Nonetheless, I do believe that this is a market that will continue to be very noisy, but I think there are plenty of buyers out there willing to pick it up on any signs of weakness. The Japanese yen continues to get hammered against almost everything, and I think that will include the British pound going forward. At this point in time, I think that if we can find some type of value, it is likely that we will see more of a “buy on the dips” type of attitude, and it is not until we break down below the ¥150 level that I would be short of this market. Remember that this pair is highly sensitive to risk appetite in general, not just in Britain, but globally.
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This article was originally posted on FX Empire
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