GBP/JPY Forecast May 19, 2016, Technical Analysis

The GBP/JPY pair initially fell during the day on Wednesday but turned around to form a massive green handle as we broke above the top of the shooting star from the Tuesday session. That of course is very bullish, so having said that it looks as if the market is going to reach towards the 163 handle next. Pullbacks will have quite a bit of support below based upon previous action, so having said that we look at short-term pullbacks as an opportunity to take advantage of value in a market that clearly wants to go higher.