GBP/JPY Forecast November 10, 2016, Technical Analysis

The GBP/JPY pair fell initially during the Wednesday session, but turned right back around to form a massive hammer. The hammer of course is a bullish sign, and a break above the top of the hammer should send this market even higher. I recognize that there is a lot of noise between here and the 132 level above, so it’s likely that we will continue higher but there seems to be a lot of work to do before we can actually do so. I have no interest in selling at this point due to the very bullish turnaround.