GBP/JPY daily chart, August 10, 2016

GBP/JPY Forecast August 10, 2016, Technical Analysis

The GBP/JPY pair fell slightly during the course of the day on Tuesday, but at this point in time there seems to be quite a bit of noise in this general vicinity. Also, you have to keep in mind that the Bank of Japan will continue to make is a very difficult market to deal with as well, so I believe that this will be a slightly negative albeit choppy market on the way down to the downside target of 130. I believe rallies will be selling opportunities on signs of exhaustion above.