GBP/JPY Forecast January 10, 2017, Technical Analysis

The GBP/JPY pair fell on Monday, showing quite a bit of bearish pressure. However, I recognize that the 140 level underneath is massively supportive so I think it’s only matter of time before the buyers get back into the market and start pushing higher. A supportive candle is reason for me to start buying, and aiming for higher levels yet again. We are a bit overextended, so quite frankly this pullback is welcome. I ultimately have a target of 150 but also recognize it will take a while to get there. Selling isn’t a thought.