GBP/JPY Forecast November 15, 2016, Technical Analysis

The GBP/JPY pair had a slightly positive session on Monday as we continue to show signs of strength. The market is a bit overextended at this point so I would prefer to see a short-term buying opportunity in order to go long. I do recognize that a break above the top of the range for the day is fairly strong, but somewhere near the 136 handle we do have quite a bit of resistance. Because of this, I am simply waiting for my buying opportunity as I believe that the “floor” is near the 130 handle.