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GBP/JPY Price Forecast December 26, 2017, Technical Analysis

Christopher Lewis
Updated
The British pound has done very little during the trading session on Friday, as we continue to suffer a lack of volume. Longer-term, I believe that the markets will go higher, but in the meantime, it’s going to be difficult.

The British pound went sideways during the trading session on Friday, as we continue to hang about the 151.50 level. I think that the market then is looking for a buying opportunity, and a break above the 152 handle should free this market to go looking towards the vital 153 handle. It’s at that point that I think the market going higher would be a “buy-and-hold” situation, as it would signify that we have just cleared massive resistance.

In the meantime, I think that the market could pull back occasionally to offer value, and I think that the astute trader will take advantage of these dips, as they offer an opportunity to make more money. The 150 level being broken to the downside would be a very negative situation, but I think at this point this market has ended up forming a bottom, therefore giving us an opportunity to go higher.

You will have to be very careful, because this pair does tend to be very noisy. However, if you add as we go higher, you could fair quite well. By jumping in slowly, you can withstand more volatility, and then add to a position that has proven itself to be correct. If you break above the 153 handle, then you can start to hold a much larger position, with the initial target be in the 155 handle, but quite frankly I don’t see much in the way of structural resistance until we get to the 163 handle. Expect noise, but bullish pressure.

GBP/JPY Video 26.12.17

This article was originally posted on FX Empire

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