GBP/JPY Forecast January 23, 2017, Technical Analysis

The GBP/JPY pair initially fell on Friday, but found enough support to turn around and form a hammer. The hammer of course is a bullish sign, and a break above the top of that hammer should send this market much higher. Ultimately, I believe that the Japanese yen is going to continue to sell off overall, and the fact that we cleared the gap at the beginning of the week tells me that we are going to go much higher. I have a target of 148 above, and believe that the 140-level underneath will be the floor.

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