GBP/JPY Forecast December 6, 2016, Technical Analysis

The GBP/JPY pair rallied on Monday, as we continue to see quite a bit of bullish pressure. We are testing the 145 handle, and quite frankly I think that every time we pullback, there should be plenty of buyers going forward. I think the 140 level is essentially a “floor” in this market, and as a result I feel that every time we pullback you have to start thinking about buying again as the Japanese yen is on its back foot, and quite frankly will continue to be for the foreseeable future.