GBP/JPY Price Forecast November 17, 2017, Technical Analysis

The GBP/JPY pair initially when higher during the trading session on Thursday, but found the 149.50 level to be resistive enough to turn around and roll over again. I think that is going to be a theme in this market, every time we rally, the sellers will return as there are a lot of concerns with the British pound and the breaking away from the European Union by the British. As long as that is a main concern, I think that it’s likely we will continue to see a bit of hesitation for this market to rally unless there is some type of massive “risk on” type of attitude to markets overall.
If we were to break above the 150 handle, that would change my attitude and I would become a buyer. At that point, I would anticipate that the market would go to the 151.50 level above. A break above there sends this market much higher, perhaps to the 155 handle. Overall, this is a market that I think continues to see a lot of noise, but that’s typical for “the Dragon.” If we were to break down below the 148 handle, I think the market goes out to the 145 level. Recently, we have seen a bit of a decline in value, and I think that continues to be the case. So overall, I am much more interested in shorting rallies that show signs of exhaustion then I am trying to risk going to the upside, unless of course we break above the 150 level that I mentioned previously. Pay attention to stock markets, if they start to roll over, that will probably put more pressure on this market, and send it to the downside. The 148 handle should be very significant.