GBP/JPY Forecast February 28, 2017, Technical Analysis

The GBP/JPY pair fell on Monday, but turned around to form a hammer like candle. If we can break above the 140 level, it now looks as if the market will try to go higher. The British pound has been showing some strength anyway, so it would not surprise me at all to see this market break out. Pullbacks could continue to be buying opportunities, but a breakdown below the 138.50 level would be extraordinarily negative. Expect volatility regardless what happens, and keep in mind that this pair tends to be very sensitive to overall risk.

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