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

The British pound has rallied a bit during the trading session on Friday, to close out the week on a positive note. Remember that the Bank of England has refused to cut interest rates, which of course is good for the British pound in general, but at the end of the day the market is likely to continue being very noisy due to the fact that the world has plenty of concerns out there when it comes to the coronavirus and other such noise. However, the market will continue to favor the uptrend in general, and it looks as if we are heading towards the ¥145 level. The 50 day EMA of course offer support, just as the couple of significant hammers underneath will as well. The market recently has bounced from a major uptrend bullish flag, and now it looks like we are ready to continue more of the same.

The ¥140 level underneath is a major round figure that people will be paying attention to, so it makes quite a bit of sense that the market will continue to continue to pay quite a bit of attention to that level as well. Ultimately, if the market can break above the ¥145 level, then we could fulfill the idea of the bullish flag underneath which measures all the way to the ¥148 level. Furthermore, the market could even go to the ¥150 level, which is a large, round, psychologically significant figure. Ultimately, buying dips should continue to offer opportunities as well.