GBP/JPY Forecast March 17, 2017, Technical Analysis

The GBP/JPY pair initially fell on Thursday found enough support near the 130.50 level to turn around forever. Because of this, I think we are trying to form a bit of a bottom, and if we can break above the top of the shootings are from the Wednesday session, we are free to go to the 142 handle. A breakdown below the 138 levels would be negative, but at this point I do believe that the Japanese yen will continue to be sold off overall, and that should translate into higher rates here.