GBP/JPY Forecast July 13, 2016, Technical Analysis

The GBP/JPY pair broke higher during the course of the session on Tuesday, as we are now approaching the 140 level. If we can break above that area, that should be very bullish and as a result should send this market much higher. I believe at this point in time that pullbacks will be supported all the way down to the 135 level. If we break down below there, then it’s time to start selling again. However, there is a lot of fear that the Bank of Japan is going to intervene in the market somehow, and having said that it makes sense that we go higher for the short-term.