GBP/JPY Forecast October 20, 2016, Technical Analysis

The GBP/JPY pair fell during the day on Wednesday, as we continue to grind our way to the 125 level below, which of course has been massively supportive. I believe in the downtrend, but I think the easiest way to trade this market is to simply wait for rallies that show signs of exhaustion in order to take advantage of the longer-term downtrend. I think that the 130 level above will continue to be resistive. With this being the case, it’s likely that sooner or later the sellers should continue to go back into this market.

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