GBP/JPY Forecast April 28, 2017, Technical Analysis

The British pound rallied against the Japanese yen again on Thursday, breaking the top of the shooting star from the previous session. This is always a very bullish sign, so I think we will continue to grind higher. However, we are bit overstretched so looking for short-term pullbacks might be the best way to trade this market. I don’t have any interest in shorting, at least not yet. I still believe that the market is going to try to get to the 145 handle above, and that is my longer-term target. Having said that, the easy money has already been made.