GBP/JPY Forecast June 2, 2017, Technical Analysis

The GBP/JPY pair has been struggling with the 143 handle for some time. However, we popped above there during the session on Thursday, and that shows a real proclivity to continue to go higher. Currently, looks as if the market may go looking for the 144 handle above, which had previously been support. The market of course will be very volatile as it typically is, but today has the employment figures coming out of the United States, and that of course will throw even more volatility into this pair than per usual. I believe the pullbacks continue to offer buying opportunities as long as we can hold 143 as support. This was pretty significant resistance, and therefore should in theory be supportive as well. Nonetheless, it’s very likely that we will see a lot of noise regardless of where we go next.
A break above the 144 handle leads to much bigger things
I believe that if we can break above the 144 handle, it will lead to much bigger things, including a move towards the 145 handle which of course has a certain amount of psychological significance. A break above there send the market much higher obviously, but in the meantime, I think it will continue to be a bit of a “buy on the dips” type of situation in this market place. Having said all of that, if we get a very poor jobs number in America, it may make the markets very risk-averse, and that could be the one thing that slows down this pair today. Either way, it looks as if we certainly are at least “leaning” to the upside as we await this important economic announcement. Quite often, the market will give us an idea as to where it wants to go ahead of time. This could be one of the situations.
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