GBP/JPY Forecast April 7, 2017, Technical Analysis

The British pound initially fell against the Japanese yen but turned around to form a supportive looking candle during the day on Thursday. We are still in a downtrend though, so it looks as if short-term rallies will probably be sold. There is a significant amount of resistance near the 140 handle, so that’s probably as far as we can go to the upside anytime soon. Eventually, this market will turn around but it seems to be a bit far from doing that right now. Because of this, I would be looking for short-term selling opportunities.