GBP/JPY Forecast May 12, 2016, Technical Analysis

The GBP/JPY pair fell during the session on Wednesday, but turned right back around to bounce off of the 156 level. The market looks very supportive, and as a result if we can break above the top of the candle for the session on Wednesday, we would be buyers as the market should then reach towards the 161 level. Pullbacks at this point in time will continue to have to deal with support all the way down to the 154 handle. At this point, this is a market that should continue to see buyers though.