GBP/JPY Forecast March 2, 2017, Technical Analysis

The GBP/JPY pair rallied on Wednesday, as we continue to see significant interest in the 140 handle. If we can break above the top of the candle for the day, the market could very well be ready to break out to the upside finally. The fact that we had hammers form on both Monday and Tuesday suggest that we continue to have bullish pressure underneath that eventually we will break out to the upside. A breakdown below the hammer from the Tuesday session would be negative, but quite frankly at this point I believe that the upside is more likely.