GBP/JPY Forecast October 14, 2016, Technical Analysis

The GBP/JPY pair had a slightly negative session during the day on Thursday but did find enough support to turn things around and form a bit of a hammer. If we can break higher, it’s very likely that there will sooner or later be a selling opportunity between here and the 130 handle. I’m waiting to see whether or not an exhaustive candle appears that I can start selling again. I believe that the market will continue to grind its way down to the 125 handle given enough time. I have no interest in buying at this point.