GBP/JPY Forecast January 4, 2017, Technical Analysis

The GBP/JPY pair initially tried to rally on Tuesday but turned around to form a shooting star. It looks as if we are running out of steam at the moment, so I think a pullback is imminent. However, I recognize that there should be a lot of support just below, so I am waiting for some type of support candle in order to start buying yet again. I believe that the 140 level will be a bit of a “floor” in this market, and that we should continue the uptrend after a bit of momentum building.