GBP/JPY Forecast January 26, 2017, Technical Analysis

The British pound initially fell during the day on Wednesday, but turned around to form a very bullish candle against the Japanese yen. Because of this, the market looks as if it is going to continue to go much higher, reaching towards the 140 level. The 140-level underneath should continue to be massively supportive. I have no interest in shorting this market, I believe that the British pound is finally turning the longer-term downtrend around, and of course the Japanese yen continues to get sold off. With this I believe that the market continues to pick up momentum.