GBP/JPY Forecast February 6, 2017, Technical Analysis

The GBP/JPY pair formed a neutral candle during the day on Friday, as we continue to bounce above the 140 handle. If we can break above the top of the candle, I think that the market is then going to go looking for the 145 level. Alternately, if we breakdown below the 140 handle, we will more than likely reach towards the 138.50 level, looking for support. Currently, I prefer to go long and not sell, but a breakdown below the 140 level would certainly change that attitude. Either way, expect a lot of choppiness.