GBP/JPY Forecast October 18, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the day on Monday and formed a very tight and neutral candle. Because of this, I suspect that there is a massive amount of support just below, especially near the 125 level, which I see as the “floor” in the market. If we did break down below there, it’s likely that the market would fall rather rapidly, because I believe that this is a massive supportive barrier. Rally should offer selling opportunities on signs of exhaustion though, and I believe that the 130 level is the “ceiling” at this time. - The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.

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