GBP/JPY daily chart, August 01, 2016

GBP/JPY Forecast August 1, 2016, Technical Analysis

The GBP/JPY pair initially tried to rally during the course of the session on Friday, but turn right back around to slam into the 135 handle. That’s an area that had been previously supportive, and as a result it should be now. However, if we break down below the 135 level it’s likely that we will continue to drop from there. Any type of supportive candle or a bouncer here could be a buying opportunity for the short-term, but I only believe to roughly the 141 handle. With this, expect a lot of volatility in this market.