GBP/JPY Forecast March 29, 2017, Technical Analysis

The GBP/JPY pair initially tried to rally on Tuesday, but found enough resistance to turn around and fall towards the 138 handle. The 138 handle should be supportive, but I believe that below there we have even more support at the 137 handle as it is roughly the 50% Fibonacci retracement area. Ultimately, I believe that a supportive candle will offer a buying opportunity, but obviously, we do not have that yet. As of this, I believe that short-term sellers may continue to push this market a bit deeper. I have no interest in buying until we get a daily supportive candle.

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