GBP/JPY Forecast December 22, 2016, Technical Analysis

The GBP/JPY pair fell initially on Wednesday, but bounced enough to form a slightly hammer like candle. Ultimately, I think this market goes higher but volatility and more importantly volume, is going to be very soft over the next several sessions. I believe that pullbacks represent buying opportunities, but I’m not hanging onto any trade for a significant amount of time. The 150 level above is my target, but I don’t know that we will get there between now and New Year’s Day. The 140 level below is the “floor” in this market.