GBP/JPY Forecast October 31, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the course of the session on Friday, forming a bit of a hammer. Ultimately, I think we could rally from here but I believe that the 130 level above is massively resistive. Because of this, I think that any bounce should invite selling on signs of exhaustion, and that’s exactly what I’m going to do. I have no interest in buying, I believe that the 130 level of course is resistive, but I think that resistance extends at least 200 pips above there. Selling from here could be done but there does seem to be a bit of minor support just below. - 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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