GBP/JPY Forecast May 24, 2016, Technical Analysis

The GBP/JPY pair broke down during the course of the day on Monday, crashing into the 158 handle. This is an area that has been resistance and support in the past, and the fact that we returned there isn’t that big of a surprise however. With that being the case, it makes sense that there will be a bit of a fight here and the fact that we close towards the bottom of the range during the day tells us that there is a good chance that we continue to drop. However, with all of the support just below, we don’t have any interest in selling.

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