GBP/JPY Forecast February 2, 2017, Technical Analysis

The GBP/JPY pair broke above the top of the Tuesday candle during the Wednesday session and showed quite a bit of bullish pressure. By breaking the top of the hammer that formed on Tuesday, it looks as if the market is ready to continue going higher but there is a significant amount of resistance at the 145 handle. Because of this, expect a pullback, but I think short-term charts will offer nice buying opportunities. Once we break above there, I feel that the market then goes to the 148 handle. Ultimately, I have no interest in selling as I believe the 140 level is support.