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GBP/JPY Price Forecast – British pound falls against yen on Friday

Christopher Lewis
Updated
The British pound fell significantly against the Japanese yen on Friday, showing signs of real weakness. The question is now where can we go from here? We have broken through ¥145 level, but as I record this there seems to be a bit of a fight built into this market.

The British pound fell rather significantly against the Japanese yen attempting to break down below the ¥145 level during the day on Friday. As I record this, it looks as if there is a bit of a fight in this area, so I suspect we could get a bit of a bounce from here. At this point, I think it’s going to be very interesting to see how this plays out, but I think we are trying to form some type of bottom. The question is whether or not we can. If we can’t, then we could go much lower as I see the ¥145 level as important. Ultimately, this is a market that I think will struggle a bit, but I do believe that there will be value hunters sooner rather than later. If we do break down below the ¥145 level for a daily close, then I anticipate that we are probably going to go looking towards the ¥144 level initially, followed by the ¥142.50 level. Remember, this pair is highly sensitive to risk appetite so pay attention to how stock markets are doing in general.

If we get some type of resolution to trade issues between the Chinese and Americans, that should lift this market but right now it looks as if those are escalating, and that is probably going to continue to be one of the bigger issues here. In general, I believe that the market will find reasons for hope, at least that seems to be the recent action.

GBP/JPY  Video 06.08.18

This article was originally posted on FX Empire

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