GBP/JPY Forecast April 11, 2017, Technical Analysis

The GBP/JPY pair rallied on Monday as we continue to see support near the 50% Fibonacci retracement level. However, we are grinding to the downside so I think we will see and exhaustive candle that we can start shorting again. In fact, I’m not comfortable buying this pair until we break above the 141 handle, and I believe that we will continue to “sell the rallies” going forward. A breakdown below the 50% Fibonacci retracement level, extensively the 136 level, should send this market much lower. Regardless, expect volatility in this choppy slow grind.

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