GBP/JPY Forecast November 4, 2016, Technical Analysis

the GBP/JPY pair initially fell during the day on Thursday, but turned around to form a green candle. However, we are very much in the consolidation area that we have been in for some time, so quite frankly I feel that it’s only a matter time before the sellers return. An exhaustive candle above just below the 130 level would be an excellent selling opportunity, but keep in mind that this market tends to be very risk-averse, so if things look negative out there in other markets, it’s very likely that this pair will just start falling without even reaching that resistance.