GBP/JPY Forecast January 9, 2017, Technical Analysis

The GBP/JPY pair tried to rally initially on Friday, but struggled a little bit as we pulled back later in the day. Because of this, the market looks as if it is going to continue to chop around overall, but I think that there is more of an upward bias than anything else currently. I see the 140-level underneath as massive support, and essentially the “floor” in the overall trend. Given enough time, I believe that the market will reach towards the 150 handle, which is my longer-term target. Keep in mind that this pair tends to be rather volatile, so we must deal with quite a bit of bouncing around.