GBP/JPY Forecast March 7, 2017, Technical Analysis

The GBP/JPY pair initially tried to rally during the Monday session, but found the 140 level to be a bit too resistive. Turning back around to show this negative candle shows just how hard it is going to be to rally at this point. However, if we can break above the top of the range for Monday, the market should then reach towards the 142 level. I still believe that the 138.50 level below is massively supportive as well. This is the 38.2% Fibonacci retracement, and that of course attracts a lot of attention but we could find yourself dropping back down to the 50% retracement if the sellers have their way.