GBP/JPY Forecast December 14, 2016, Technical Analysis

The GBP/JPY pair tried to rally on Tuesday, but gave back quite a bit of the gains. The market looks as if it is going to have to pullback a little bit in order to find enough support to continue going long. There is a lot of noise just below, and that should be supportive, especially considering that the 145 level is right in the middle of it. The large, round, psychologically significant number should continue to attract buyers every time we reach towards it. I believe that the market is going to eventually reach towards the 150 handle.