GBP/JPY Forecast April 6, 2017, Technical Analysis

The GBP/JPY pair broke higher during the session on Wednesday, as we continue to consolidate. I believe that the market will probably try to reach towards the 140 handle again, but there is a lot of a longer-term downward pressure at the same time. A breakdown below the 50% Fibonacci retracement level would be very bearish, and should send this market down to the 134 handle. Either way, this pair tends to be very choppy and moves very quick. With all the headlines coming out about the UK leaving the European Union, headline risks still could be an issue.