GBP/JPY Forecast November 21, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the course of the Friday trading hours, as we banged up against a rather significant downtrend line. If we can break down below the bottom of the range for the day on Friday, I feel that the market will then try to reach towards the 130 handle. If we can break above the top of the candle for the session on Friday, we will more than likely reach towards the 140 handle. Ultimately, this is a market that looks a bit overextended and of course has been in a long-term downtrend.