GBP/JPY Forecast February 21, 2017, Technical Analysis

The GBP/JPY pair bounced from the 140 handle during the Monday session, showing a continuation of the wedge that has been forming. I believe that longer-term we have bullish pressure taking over, and given enough time we should then reach towards the 145 handle. The 140 level should be supportive going forward, and I believe that we will reach towards the 148 level over the longer term. Buying on the dips will more than likely be the best opportunities for traders. It might be volatile, but given enough time we should reach much higher levels.