GBP/JPY Market Analysis: Possible Stabilization and Bullish Move

The British Pound fell against the Japanese Yen for most of the week, but it's worth noting that Thursday's candle ended as a massive hammer. Friday's session was relatively sideways and neutral, suggesting we might continue to see significant noise going forward.

That said, I believe we are stabilizing, and if we see a move above the ¥198.50 level, we might first attempt to break the ¥200 level and eventually aim for ¥206. I have no interest in taking short positions in this pair, as the interest rate differential is very strong.

Check today's GBP/JPY exchange rate for the latest updates.