GBP/JPY Forecast March 13, 2017, Technical Analysis

The GBP/JPY pair broke above the 140 handle, but turned around on Friday to show signs of resistance. Because of this, I believe that the market is currently consolidating, and will continue to do so. Because of that, I’m not necessarily interested in trading this market but if I did it would be to the upside on a break out. The Japanese yen is selling off against most currencies, and the British pound won’t be any different, but ultimately this is a market that is being held down by the British pound itself. Because of this, it’s one of my least favorite trades.