GBP/JPY Forecast October 6, 2016, Technical Analysis

The GBP/JPY pair initially fell during the course of the day on Wednesday, turning right back around to form a bullish candle. At this point in time, it looks as if we can break above the 132 level traders may continue to push towards the 133 handle. I still believe that the 130 level below is essentially the “floor” in this market, and as a result a break down below there would be extraordinarily negative. At this point in time, I think we continue to go back and forth with a slightly bullish attitude.

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