GBP/JPY Forecast January 16, 2017, Technical Analysis

The GBP/JPY pair bounced off the 100-day exponential moving average on Friday, just as we did on Thursday. Now that we are trying to get above the 140 handle, I believe that the market is going to continue to go higher. Also of interest is the fact that we are currently at the 38.2% Fibonacci retracement level from the move higher, so it’s likely that a lot of traders are interested. I believe that the market is going to try to get to the 150 handle above, and therefore remain very bullish.