GBP/JPY Forecast December 20, 2016, Technical Analysis

The GBP/JPY pair fell on Monday, breaking below the 145 handle. This market looks as if it is a bit overbought, so a pullback makes quite a bit of sense, and is probably necessary. A pullback from here should send this market much lower, trying to find buyers and more importantly value in a market that has such a strong uptrend in it. I think that the market will eventually reach towards the 150 handle, and that the 140 level is the “floor” at the moment. Ultimately, I believe that the market is going to go higher, and this is going to offer value.

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