GBP/JPY Forecast April 20, 2017, Technical Analysis

The GBP/JPY pair tried to rally during the day on Wednesday, testing the 140 level. We did pull back a little bit, so if we do pull back from here it could be a nice buying opportunity. Alternately, if we can break above the 141 handle, this market will take off to the upside longer term. I do believe that the British pound is starting to find serious pressure to the upside, so any shorting on a break of the shooting star would be a short-term selling opportunity at best. It will more than likely be volatile, but clearly things of changed.