GBP/JPY Forecast December 15, 2016, Technical Analysis

The GBP/JPY pair fell initially on Wednesday, but turned around to form a slightly positive looking hammer. I think at this point the market will probably grind sideways overall but more importantly find support every time we pull back. Ultimately, we should continue your higher and then reach towards the 150 handle. I believe that the absolute “basement” in this market is at the 140 level below. I think that although the British pound will continue to be soft, but this trade seems to be more about the Japanese yen at this point.