GBP/JPY Forecast January 18, 2017, Technical Analysis

The GBP/JPY pair rally during the day on Tuesday as the British pound exploded to the upside due to the Theresa May statements about working closely with the EU after the exit. Ultimately, if we can break above the 141 handle, the market should continue to go higher, perhaps reaching towards the 148 level. Ultimately, I do believe that this pair goes higher, but we must see how the 140 handle pans out. Currently, most young related pairs are falling, with the course the British pound being the outlier. Because of this, I am a bit cautious.