GBP/JPY Forecast June 16, 2016, Technical Analysis

The GBP/JPY pair initially tried to rally but turned right back around to form a shooting star during the day on Wednesday. Because of this, it looks as if we are working against the support area in the form of the 150 level, and with that being the case a break down below the bottom of the range for the session on Wednesday has me selling this. Again as there is going to be a bit of difficulty owning the British pound until we get results from the EU referendum vote. It makes perfect sense that we would run towards the Japanese yen as it is a safety currency.