GBP/JPY Forecast April 17, 2017, Technical Analysis

The GBP/JPY pair initially tried to rally on Friday, but found enough resistance above to turn things around and find sellers again. We are testing the 136 handle, and I believe that the market is getting ready to break below there and reach towards the 134-handle underneath which is the 61.8% Fibonacci retracement level. I have no interest in buying, and I believe with all the headline risk out there now, it’s likely that the “risk off” scenario will come back into play, sending this pair lower.

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