GBP/JPY Forecast March 21, 2017, Technical Analysis

The GBP/JPY pair initially try to rally on Monday but turn around and form a resistive candle yet again. The 140 level continue to be a bit of a magnet price, and as a result I think that it is a market that will continue to chop back and forth in the short-term. Quite frankly, I don’t have any interest in trading this market right now, but I do think that longer-term we will eventually find in a bullish pressure to go higher. Currently, it’s probably easier to trade other currencies against the Japanese yen.