GBP/JPY Forecast May 9, 2016, Technical Analysis

The GBP/JPY pair initially fell during the day on Friday, but turned back around to form something akin to a hammer. With this being the case, the market looks as if it could bounce and on a move above the top the hammer it’s very likely that will head back to the 160 level. This would simply be a return to the consolidation, and the fact that we have been fairly stagnant lately suggests that perhaps we aren’t ready to make a longer-term move in one direction or the other. With that, it looks like the buyers are going to take over again.