GBP/JPY Forecast June 10, 2016, Technical Analysis

The GBP/JPY pair fell during the day initially on Thursday, but bounce slightly towards the end of the day. Ultimately though, this is a market that certainly has quite a bit of bearish pressure in it, so rallies at this point in time will more than likely be selling opportunities. I have no interest in buying this market, the 50 day exponential moving average has shown quite a bit of resistance, and as a result I am looking for exhaustive candles after short-term rallies to start selling again. Other than that, I will probably stay on the sidelines of this market.