GBP/JPY Forecast September 2, 2016, Technical Analysis

The GBP/JPY pair broke out during the day on Thursday, breaking above the 135 handle. I believe there is significant resistance near the 140 level though, so having said that an exhaustive candle could be a selling opportunity. I believe that the 135 level will be supportive, but if we can break down below there we could pick up quite a bit of downward momentum. This is a market that’s very sensitive to risk appetite, so be aware the fact that the jobs number could make this a very difficult market to deal with today.

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