GBP/JPY Forecast July 13, 2017, Technical Analysis

The GBP/JPY pair fell during the session on Wednesday, but bounced a bit, and then fell again. Ultimately this is a market that continues to chop around overall, with the 145-level underneath being massively supportive. If we can break down below that level, then this pair will unwind rather drastically. Ultimately, if we can make down below here, the market should continue to go even lower. A bounce from here could send this market towards the 147 handle above, which is resistant. I think the lack of volume will continue to make this a very volatile and dangerous market, as it is so risk sensitive.
The importance of 145
The importance of 145 cannot be overstated, as it is a large, round, psychologically significant number. Because of this, I think if we can break down below there, the market could probably fall towards the 143 handles, but a bounce from there like I said, should send this market to the 147 handle. There is a lot of choppiness ahead, so I think that quick movement is probably what you can expect. In the meantime, pay attention to the overall risk appetite of stock markets and commodities around the world, because if they rally, then this pair should. Alternately, if they start to fall, this pair will as well.
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