GBP/JPY Forecast April 12, 2017, Technical Analysis

The GBP/JPY pair fell during the day on Tuesday, testing the 137 region and the 50% Fibonacci retracement level. It now looks as if selling the rallies will probably be the best way to go in this market as we continue to see bearish pressure in the downward channel. This has been a “sell the rallies” type of market for some time now, and it looks like more of the same is about to happen. I don’t have any interest in buying, but I certainly don’t have any interest in a “sell and hold” situation either.