GBP/JPY Forecast January 24, 2017, Technical Analysis

The GBP/JPY pair initially tried to rally during the day on Monday, but turned around as the 142-level offered a bit of resistance. It looks as if her going to try to reach down to the 140 handle, where we could see a bit more of a fight. Ultimately, expect volatility more than anything else and as a result you may find it easier to sit on the sidelines than put serious money to work at the moment. Alternately, if we can break above the top of the shooting star that would be a strong buying opportunity from what I see.