GBP/JPY Forecast October 24, 2016, Technical Analysis

The GBP/JPY pair initially fell during the day but did bounce significantly in order to form a bit of a hammer. With this, I believe that the market is trying to bounce and it go higher, but sooner or later we should find exhaustion. This is especially true near the 130 handle, and with that being the case I am simply waiting to see exhaustive candles we can search selling. I believe that the 125 level below is massively supportive and therefore if we broke down below there, it could be a very negative sign.