FX.co ★ ckerluke | GBP/JPY

My forecast for the growth of the GBP/JPY pair continues to come true. Back last week in my analysis I pointed out that the price had activated a bullish pin bar on the weekly chart, which means the upside bias for the pair remains. Most of the decline that occurred earlier during the intervention carried out by the Bank of Japan has already been offset. With a high degree of probability, the price will be able to reach the levels around the 219 handle again, unless another intervention is carried out. I expect new highs above the 219.56 level. Given the overall bullish trend, I am not considering selling the pair. Fundamental conditions would have to change in order to count on a trend reversal to the downside.