GBP/JPY Forecast November 8, 2016, Technical Analysis

The GBP/JPY pair banged into the 130 level during the day on Monday, an area that has been massively resistive. If we can break above here we still have that you all the way through the 132 handle, so it’s likely that we are going to struggle to go higher from here. A pullback could offer a nice selling opportunity, mainly because of the overall longer-term trend. After all, this pair tends to be very risk averse and as a result it makes quite a bit of sense that it might struggle today during the US presidential election.

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