GBP/JPY Forecast October 28, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the day on Thursday, ultimately forming a very neutral candle. This is a market that I believe is trying to bounce a bit but I also recognize that the 130 level above is the “ceiling.” Because of the neutral candle, I do think that we are trying to grind higher, but sooner or later we will get an exhaustive candle that we can start selling again. I have no interest in buying, and I’m simply going to wait for my opportunity to short this pair.