GBP/JPY Forecast February 22, 2017, Technical Analysis

The GBP/JPY pair rallied on Tuesday, reaching towards the 141.50 level. If we can break above there, the market should then reach towards the 143 level. Short-term pullback should be supported at the 140 level, as we continue the larger term wedge. Given enough time, I think we will break out to the upside the right now it looks like volatility will continue to be the norm as the British pound is trying to gain its footing. I have no interest in selling, and I believe that there is significant support all the way down to the 138.50 level.

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