GBP/JPY Forecast November 7, 2016, Technical Analysis

The GBP/JPY pair rose slightly during the session on Friday, as we continue to reach towards the 130 handle. That’s an area that can be massively resistive, and with that I find it difficult to start buying in this area. In fact, an exhaustive candle would have me selling the GBP/JPY pair again. I think that the downtrend continues going forward, and that gives us an opportunity to sell again and again over the course of the next several sessions. A break above the 130 level still has to break all the way to the 132 level before I feel the momentum is enough to continue to the upside.