GBP/JPY daily chart, August 02, 2016

GBP/JPY Forecast August 2, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the course of the day on Monday, testing the 135 handle. This is an area that of course has a longer-term interest formed and it due to the fact that it is a large, round, psychologically significant number. At this point, it is likely that we could drift a bit lower from here, but quite frankly it using market that seems fairly stagnant at this point in time. Any bounce from here could reach towards the 142 handle given enough time. With this, we are looking for the next move.