GBP/JPY Forecast November 17, 2016, Technical Analysis

The GBP/JPY pair did nothing during the day on Wednesday, as we continue to hover just below the 136 handle. At this point, I believe that the market should continue to find buyers when we pullback, and once we do I think it’s only a matter of time before the market breaks out to the upside. The 130 level below is massively supportive, so that’s the “floor” as far as what I can tell. I have no interest in shorting this market, and I believe that the 140 level above will be targeted given enough time.