GBP/JPY Forecast April 13, 2017, Technical Analysis

The GBP/JPY pair went back and forth during the day on Wednesday, as the 50% Fibonacci retracement level has offered support again. I think that if we can break down below the 136 handle, the market will then fall significantly and reach towards the 134 handle. I’m very suspicious of any rallies at this point, we have been in a stable downward channel for some time. Ultimately, this is a market that I think the sellers will return to as we have no interest in trying to fight the slow and gradual grind that we have seen.

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