GBP/JPY Forecast February 8, 2017, Technical Analysis

The GBP/JPY pair went back and forth on Tuesday, showing signs of indecision. The 139-level offered support, but we also see a significant amount of resistance forming at the 140 handle. If we can break above the 140 handle, then the British pound should continue to go higher. Alternately, if we can break down below the bottom of the range for the session on Tuesday, the market will more than likely reach towards the 136.50 level below which was supportive. Currently, expect a lot of volatility as you would expect in this pair typically, especially considering we are close to so many different levels.