GBP/JPY Forecast September 8, 2016, Technical Analysis

The GBP/JPY pair fell during the course of the day on Wednesday, testing the 135 handle. With this being the case, the market found buyers, and we turned right back around by the end of the day. A break above the top of the candle could send this market higher, and as you can see the 50-day exponential moving average is right above. If we get above there, the market should then reach towards the 138 handle. We can even go all the way to the 140 level given enough time, and with this it’s likely that the buyers will return. On the other hand, if we break down below the 134 level it could be a selling opportunity.

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