(MENAFN- Daily Forex)

• During my daily analysis of the yen related pairs, it's obvious that the market has initially had people running to the Japanese yen, only to turn around and show signs of life again in multiple currencies.
• This is even true with the British pound, which got absolutely crushed during the trading session, and I think will continue to be a bit of a laggard as long as the British budgetary concerns remain.
• Furthermore, were now starting to see a lot of noise with the Labour Party possibly being embroiled in a ton of scandals, so this is starting to play out in the bond markets in the United Kingdom, as the government of the United Kingdom seemingly wants to do everything it can to smash any optimism or desire of foreigners to get involved in the area.

Technical Analysis

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The technical analysis for this GBP/JPY pair is quite interesting, considering that the market has just hit a major floor, and bounced quite significantly. Ultimately, I do think that this pair could recover, but we are going to need to see the British pound recover against the US dollar as well. I don't know if that happens, but we have fallen so hard that it does make a certain amount of sense that we recover here. All things being equal, this is a market that I think will continue to bounce around the ¥190 level if we do fall, because I think it's an area that has been extraordinarily important. However, with the mess that the United Kingdom is currently in, I think that if you are looking to short the Japanese yen, it's probably easier to do it with other currencies.

EURUSD Chart by TradingView

If we were to break down below the ¥190 level, then we could go looking to the ¥189 level, perhaps even the ¥185 level after that. While there is a short-term“play the bounce” type of trade here, you have to be extraordinarily nimble to be able to profit from this as I think you are certainly going to find easier ways to short the Japanese yen.

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