GBP/JPY Forecast November 22, 2016, Technical Analysis

The GBP/JPY pair broke out and above the candle from last week during the Monday session, showing real signs of strength. At this point, it appears as if we are going to try to reach the 140 handle, an area of significant psychological resistance. However, it should be noted that the British pound isn’t the driving factor in this market, it’s more or less the shrinking value the Japanese yen worldwide. Because of this, I look at pullbacks as potential buying opportunities going forward in a market that should continue to see plenty of pressure.