GBP/JPY Forecast December 29, 2016, Technical Analysis

The GBP/JPY pair tried to rally on Wednesday, but failed and showed quite a bit of weakness near the 145 level. The exhaustive looking candle suggest that perhaps we need to pull back even further, and quite frankly I would welcome that. The 140 level underneath could be massively supportive, and that would be an excellent area to start buying on signs of support. Because of this, I am going to be very patient with this pair, and wait for an opportunity to go long. I have no interest in shorting, the Japanese yen is far too soft to do that currently.