GBP/JPY Forecast March 20, 2017, Technical Analysis

The GBP/JPY pair initially tried to rally on Friday but turned around as the 140 level continues to be a bit of a magnet for selling and buying. Because of this, I think we are stuck in very tight consolidation and therefore short-term traders will probably be attracted to this market. It’s going to be difficult to make any real money on a trade though, at least not until we get some type of momentum in one direction or the other. I prefer the upside, but quite frankly at this point it looks as if the market is completely undecided.