GBP/JPY Forecast February 15, 2017, Technical Analysis

The GBP/JPY pair initially fell during the day on Tuesday, but found enough support to turn things around and form a hammer like candle. Because of this, the market should then reach towards the 145 level on a break at the top of the range for the day. This of course would be a continuation of the recent move higher that we have seen, and the 145 level has been resistive in the past. I currently believe that the 140-level underneath continues to be the “floor” in the market. With this, I am only buying.