GBP/JPY Forecast May 31, 2016, Technical Analysis

The GBP/JPY pair rose during the course of the day on Monday, as we continue to try to break out. We are testing the highs of the market from recent trading, so we believe it’s only a matter of time before the market not only goes higher, but interest more of a “buy-and-hold” phase. Pullbacks should continue to be buying opportunities, as there is more than enough support below to convince us that the British pound will continue to strengthen against the Japanese yen. At this point, we have a target of 165 over the next several sessions.