GBP/JPY Forecast May 11, 2016, Technical Analysis

The GBP/JPY pair rose during the course of the session on Tuesday, breaking well above the 157 level. This is a significantly bullish sign, and therefore this market should continue to go higher, aiming for the 162 handle. Pullbacks should continue to be buying opportunities, and as a result this is essentially a “buy only” market at this point in time. We have no interest in selling, at least not until we go higher. Ultimately, this is a market that’s very difficult to deal with as it tends to be very volatile overall. Nonetheless, it looks like we’re going higher.