GBP/JPY Forecast December 16, Technical Analysis

The GBP/JPY pair initially rallied on Thursday but turned around to form a bit of a shooting star. I believe that this market is going to pull back from here, and that the pullback should be a nice buying opportunity. Somewhere near the 143 level we should see quite a bit of support, and then even if we break down below there the market should reach down to the 140 handle which I believe is essentially the “floor” in this market right now. I have no interest in selling, and the shooting star makes me think that we will get quite a bit of value in this market fairly soon.