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GBP/JPY Price Forecast – British Pound Choppy Against Japanese Yen

The British pound went back and forth during the trading session on Friday, forming a bit of a choppy candlestick as we continue to worry about global growth and risk appetite in general. Further exacerbating the situation is the fact that the Brexit is still out there causing major issues for the British pound in general, and therefore it makes sense that we continue to struggle overall. With this, the biggest problem that you are going to have trading this market is that a headline or a rumor can come out at any time to throw it into disarray. Because of this, your position size will need to be smaller than usual, as the volatility will probably pick up on a whim.

GBP/JPY Video 28.09.20

If we can break above the ¥135 level, it is very likely that we see resistance all the way to the ¥136 level. A break above there would be rather bullish, but at this point in time it is likely that we are going to see a lot of noise between here and there, so I am not necessarily looking for that to happen. If we break down below the ¥133 level, it is likely that the bottom falls out and we go looking towards the ¥132 level. That is an area that has been significant support and demand in the past, and as a result it should not be a huge surprise that we would find further pressure in that general vicinity. Nonetheless, I am looking to fade rallies more than anything else in this pair.

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This article was originally posted on FX Empire

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