GBP/JPY analysis: Bulls likely to prevail
|GBP/JPY
The British Pound edged higher by 104 pips or 0.69% against the Japanese Yen on Monday. The currency pair was pressured higher by the 50– hour simple moving average during yesterday's trading session.
By and large, bullish traders are likely to continue to drive the exchange rate higher during Tuesday's trading session. The possible target for the GBP/JPY pair will be near the 153.50 level.
However, the currency exchange rate might encounter a barrier near the 152.50 area within this session.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.