GBP/JPY Forecast September 18, 2017, Technical Analysis

The British pound exploded to the upside against the Japanese yen as we cleared the vital 148.50 level during the day on Friday. We even broke above the 150 handle, and this is a very bullish market. This of course should do with the Bank of England suggesting that interest rates could rise soon, which is always good for currency. What I find particular interesting is that even with the North Koreans launching a missile in the middle of the night, traders sold the Japanese yen, pushing this market higher. That tells me just how strong of a move this is going to be. I’m a buyer of dips.