GBP/JPY Forecast February 23, 2017, Technical Analysis

The GBP/JPY pair initially fell during the day on Wednesday, but bounced off the 140 level below to continue the wedge that we have been forming. By doing so, I think this is starting to tell us that the buyers are taking control, and shorting this market is all but impossible. If we can break above the top of the candle during the day, I think we will eventually make a much larger moved to the upside, perhaps reaching towards the 145 handle above. I have no interest in shorting this market, I believe the buyers will return repeatedly.