GBP/JPY Forecast September 5, 2016, Technical Analysis

The GBP/JPY pair rallied during the day on Friday, breaking above the top of the range from the previous session. I still see a lot of noise above though, but I think we will more than likely try to reach towards the 140 level ever the next couple of sessions. Expect psychological and physical resistance in the 140 area, so I think that we could be sellers again fairly soon. After all, that’s on the longer-term trend is still showing itself and therefore sooner or later the sellers will return. Short-term though, we think the buyers are going to run with it.

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