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. - The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.

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