GBP/JPY Forecast July 20, 2016, Technical Analysis

The GBP/JPY pair fell slightly during the course of the day on Tuesday, as we continue to grind back and forth. At this point in time though, you would have to think that there is some type of support just below. This is especially true due to the Bank of Japan, but at the same time we have the British pound which of course is getting punished by almost everybody. If we can break above the top of the range for the day on Tuesday, that would be a buying opportunity. On the other hand, if we get an exhaustive candle, that would be reason enough to start selling.