GBP/JPY Forecast March 15, 2017, Technical Analysis

The GBP/JPY pair fell significantly during the day on Tuesday, but we are still within a consolidated area. I believe that there is support just below, somewhere near the 138.50 handle. If we can break down below there, then the market will reach towards the 50% Fibonacci retracement level. On the other hand, if we can break above the top of the shooting star from the Friday session, I feel that the market is free to go higher, perhaps reaching towards the 143 handle. Ultimately, I believe this is more about the Japanese yen than the British pound but with the issues with the Article 50 coming, it’s likely that this pair could underperform the other yen related pairs.