GBP/JPY Forecast April 10, 2017, Technical Analysis

The GBP/JPY pair fell during the day on Friday, testing the 50% Fibonacci retracement level. However, we turned around to form a hammer and it appears that we could bounce from here and go towards the 140 handle. A breakdown below the bottom of the 50% Fibonacci retracement level should send this market lower, and perhaps down to the 134 handle. Ultimately, this is a market that I don’t have any interest in shorting though, I believe that sooner rather than later the buyers will jump back into the market but I realize that it could be a very slow move to the upside.

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