GBP/JPY Forecast November 2, 2016, Technical Analysis

The GBP/JPY pair initially tried to rally on Tuesday but found enough resistance above to turn things around and form a slight shooting star. The shooting star of course is a negative sign, so I think at this point in time the market may try to grind lower. I do recognize that there is a lot of support below though, so very likely we will see short-term back and forth trading again and again. I also recognize that the 130 level above is massively resistive, just as the 125 level below is massively supportive.