GBP/JPY Forecast December 30, 2016, Technical Analysis

The GBP/JPY pair fell on Thursday, as we continue to see the pullback work against the value of the British pound. The 140-level underneath should continue to be massively supportive, as it was previously resistance on the way out. I believe that the Japanese yen will continue to sell off over the longer-term, so while the British pound might be a bit soft overall, the Japanese yen is the exception. I believe that we’re going to try to get to the 150 handle, but this pullback is needed to pick up the momentum necessary to continue towards that target.