GBP/JPY Forecast March 24, 2017, Technical Analysis

The British pound had a choppy session against the Japanese yen during the day on Thursday, as we continue to find volatility. If we can break down below the bottom of the hammer from the Wednesday session, the market will more than likely test the 50% Fibonacci retracement level. If we can break above the 141 handle, that’s a market looking for a much higher level given enough time. I think that the buyers to come back, but right now it appears that the market is more of a “risk off” type of situation.