GBP/JPY Forecast February 27, 2017, Technical Analysis

The GBP/JPY pair initially tried to rally during the day on Friday, but found enough resistance to turn around and reach towards the 140 handle. Because of this, looks as if we’re going to make a serious attempt on the support below. If we can break down significantly below the 140 handle, the market should then reach down to the 138.50 handle. Alternately though, we form some type a supportive candle or a bounce, I think we return to the 142 handle. Either way, it’s going to be very choppy as per usual in this market.