GBP/JPY Forecast March 23, 2017, Technical Analysis

The GBP/JPY pair fell significantly during the day on Wednesday, but did find buyers near the 138 handle. This does look like a very soft market, and we could find ourselves reaching towards the 50% Fibonacci retracement level below, near the 137 handle. Alternately, if we can somehow bounce and reach above the 140 level, that would be bullish. Either way, expect a lot of volatility in this pair as it seems like the sideways action has finally at least given way to some bearish pressure. Smaller than usual position sizes might be necessary.