GBP/JPY Forecast November 9, 2016, Technical Analysis

The GBP/JPY pair rose during the day on Tuesday, as we continue to try to break above the 130 handle. There is a lot of noise all the way to the 132 handle however, so I am a bit hesitant to start going long. I am looking to start selling on signs of exhaustion, and should send this market down to the 125 handle at that point. Ultimately, if we break above the 132 handle, you would have to expect more bullish pressure. Regardless, expect a lot of volatility as this market typically swings back and forth violently.