GBP/JPY Forecast January 6, 2016, Technical Analysis

The GBP/JPY pair fell on Thursday as we continue to see the volatility in this market. I believe that there is a major floor underneath out the 140 handle, an area that should be the turning point for longer-term traders. Supportive candles between here and there should be reason enough to continue going higher, and reaching towards the longer-term target of 150. I have no interest in shorting until we get well below the 140 level, which seems very unlikely. Keep in mind that the Japanese yen is being sold off against almost everything.