GBP/JPY Forecast March 27, 2017, Technical Analysis

The GBP/JPY pair initially rally on Friday but turned around to form a red candle. This is a market that continues to grind a little bit lower, but I see the 50% Fibonacci retracement level as being very important. On the other day, we can break above the 141 handle, the market should be able to go higher. Currently, looks as if a slower drift to the downside is probably will we are going to see, especially with the Article 50 coming so soon. Supportive daily candles might end up being buying opportunities going forward.

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