GBP/JPY Forecast November 3, 2016, Technical Analysis

The GBP/JPY pair fell slightly during the course of the day on Wednesday, but as you can see we continue to go sideways overall. I do believe that we are still very negative in this market over the longer term, but I prefer to see short-term rallies in order to sell. I do think that it is quite a bit of a tall order to break down below the 125 handle, but I think given enough time we well. The 130 level above continues to be massively resistive and as a result I think the bearish pressure continues.