GBP/JPY Forecast December 7, 2016, Technical Analysis

The British pound initially rose against the Japanese yen again during the Tuesday session, but turned around to form a shooting star. He come of this, I believe that the 145 level is going to continue to be resistive, at least for the time being. If we can pull back from here I think we will find quite a bit of support underneath, especially near the 140 handle. This is a market that needs a bit of a pullback to find value so that we can continue to go higher. Now that we have broken above the downtrend line, I feel that it’s easy to go long, and dangerous to go short.

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