GBP/JPY Forecast May 26, 2016, Technical Analysis

The GBP/JPY pair had a slightly positive session on Wednesday, as we tested the 162 handle. If we can break above there, the market could go much higher, but at this point in time we would not be surprised to see a slight pullback in order to build up enough momentum to do so. That should be a buying opportunity on signs of support, just as a break out above the top of the range for the day on Wednesday would be as well. We have no interest in selling this market currently, as it certainly looks as if the buyers are starting to take control yet again.