I believe now is a good time to buy the British pound against the Japanese yen, with a target of ¥192.50 and a stop loss at ¥190.25. The pound has recovered nicely and is forming a hammer at the support level of ¥190. The market is in an uptrend and could reach ¥195 and even ¥200. The interest-rate differential between the two economies favors holding this pair. The Bank of Japan’s efforts to protect its currency may only result in short-term interventions. Consider buying into this market for potential upside.
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