GBP/JPY Forecast March 31, 2017, Technical Analysis

The GBP/JPY pair initially fell during the day on Thursday, but then shot much higher as the British pound found its legs. We broke above the 139 handle, and it now appears that the market is going to try to reach the 140 handle above. I think pullbacks continue to be buying opportunities, with a bit of a “floor” being at the 50% Fibonacci retracement level at the 137 handle. If we can break above the 141 handle, the market should then go to the 142.50 level. Expect a lot of volatility but then again that isn’t exactly unheard-of here.