GBP/JPY Forecast March 30, 2017, Technical Analysis

The GBP/JPY pair fell during the session on Wednesday, but continues to look supported underneath. I think that the 50% Fibonacci retracement level will continue to offer buying opportunities and support below. That’s not to say that this is going to be an easy bounce, but currently I prefer to step away from this pair. The British pound will see a lot of volatility in the near-term, as the Article 50 is now triggered. However, I think that it is only a matter of time before we get the opportunity to go long and take advantage of what should be a strong move to the upside.