GBP/JPY Forecast March 22, 2017, Technical Analysis

The GBP/JPY pair bounced on Tuesday, showing continued support just below. However, we have not broken out so I think this market is simply continuing to consolidate in general. The 140 handle is a bit of a magnet for price, and that of course continues to attract traders on both sides of the trade. If we can break above the 141 level, I think the market can continue to go much higher. On the other hand, if we break down below the 138 level, the market should then drop as it would show the market breaking support.