GBP/JPY Forecast January 27, 2017, Technical Analysis

The GBP/JPY pair rallied on Thursday, showing signs of strength and that it wants to reach towards the 145 handle. Pullback should offer value, and I do believe that the Japanese yen will continue to sell off overall. I think that the 140-handle underneath is the “floor”, and that we will eventually reach towards the 148 level. This is a market that show signs of real strength, and I believe that every time we pull back the buyers will try to take advantage of value. Because of this, I have no interest in selling whatsoever.