GBP/JPY Forecast April 5, 2017, Technical Analysis

The GBP/JPY pair initially fell during the day on Tuesday but found support at the 50% Fibonacci retracement level to bounce significantly. Because of this, we may get a little bit of follow-through but I think that the 140 level above should offer resistance. If we can break above the 141 handle, then the market should continue to go much higher. Alternately, if we break down below the 137 handle, the market will probably drift down to 135. Either way, it’s going to be choppy as there are a lot of headlines around the British pound lately.