GBP/JPY Forecast February 20, 2017, Technical Analysis

The GBP/JPY pair fell during the day on Friday but found enough support at the 140 level to turn things around and bounce. Because of this, I believe that the buyers are to get involved again, and perhaps try to drive this market towards the 143 level and the short-term. Longer-term, I believe that we will try to reach towards the 145 handle, which is a large, round, psychologically significant number. I don’t have any interest in shorting, at least not yet, as the lows continue to go higher. Volatility will be the norm in this move.