GBP/ JPY Forecast March 6, 2017, Technical Analysis

The GBP/JPY pair fell initially during the day on Friday, but found enough support at the bottom of the range to turn things around and form a hammer. A break above the top of the hammer sits in this market higher, as the 140 region continues to be of interest. This is a market that is highly sensitive to risk appetite, but I believe longer-term that this will be about the Japanese yen as well, as it has been sold off so strongly against other currencies around the world over the last several months.