GBP/JPY Forecast October 21, 2016, Technical Analysis

The GBP/JPY pair initially fell during the course of the session on Thursday, but found enough support to turn things back around. The hammer that form for the day is very positive, but I think there’s more than enough resistance above and extending all the way to the 130 level to continue going higher for any real length of time. In the meantime, I am simply waiting for some type of exhaustive candle in order to start selling as I believe the bearish pressure will continue to drive the markets overall, as the British pound looks so soft.