GBP/JPY Forecast November 1, 2016, Technical Analysis

The GBP/JPY pair gapped lower at the open on Monday and then shot higher during the day. By doing so, it looks as if we are going to try to reach towards the 130 level above, which of course has previously been massively supportive. At this point I would expect the sellers to get very aggressive once we get near there, and the first signs of exhaustion has me shorting this market rather aggressively as we will then attempt to break down below the 125 handle. Once we do, I anticipate that this market will probably go down to the 120 handle.