GBP/JPY Forecast January 11, 2017, Technical Analysis

The GBP/JPY pair fell on Tuesday, testing the 140 level, an area that I believe it is going to be massively supportive. Because of this, if we can break above the top of the range during the day on Tuesday I am more than willing to start buying the British pound against the Japanese yen and aiming for the 143 handle. If we get a sustained move below the 140 handle, perhaps a daily close, at that point we should start thinking about a potential downtrend. Until then, I remain bullish in this market.