GBP/JPY Forecast May 1, 2017, Technical Analysis

GBP/JPY pair traded lower initially during the day on Friday but found enough support to turn around and continue the grind higher. In fact, we are starting to get close to the 145 level which has been my target. I think that could cause a little bit of a pullback, but quite frankly that pullback should be a buying opportunity. We are bit overextended, so having said that, it’s likely that the markets will continue to find buyers, but at lower levels. A lot of traders will have missed this move, and want to get involved.