GBP/JPY Forecast November 18, 2016, Technical Analysis

The GBP/JPY pair rallied on Thursday as we continue to push against the resistance above. I think that the market will try to continue to grind higher, but we are bit overextended so it’s probably going to have to pullback several times in short-term charts to continue. I have no interest in selling though, because the explosive move to the upside certainly shows quite a bit of bullish pressure. Ultimately, I think that this market will probably reach towards the 140 handle over the longer term. However, the easy part of the move has already happened.