GBP/JPY Forecast September 7, 2016, Technical Analysis

The GBP/JPY pair initially tried to rally during the course of the session on Tuesday, but turn right back around to form a negative candle. Ultimately though, I believe that the 135 level below will offer a bit of support so I think this is going to be more or less a short-term selling opportunity more than anything else. On the other hand, if we can break above the 140 level we could continue to go higher but at this point I think we are going to roll over as the British pound will eventually fall.

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