GBP/JPY Forecast May 16, 2016, Technical Analysis

The GBP/JPY pair fell during the course of the session on Friday, testing the bottom of the recent range. There is quite a bit of support just below, and as a result it’s difficult to sell this market, but perhaps it’s a supportive candle could form somewhere in this general vicinity. If that’s the case, it will be easier to buy this market from a short-term standpoint as we would reach towards the 158 level. Ultimately, this is a short-term traders market and will continue to bounce around as far as we can see.