GBP/JPY daily chart, August 03, 2016

GBP/JPY Forecast August 3, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the course of the day on Tuesday, as we continue to hang about the 135 level. This is a market that looks very much like it wants to break down from here, and if we break down below the bottom of the range for the Tuesday session, I feel that the market will probably reach towards the 130 handle below. However, I do think that sooner or later the Bank of Japan will do something to work against the value of the Japanese yen overall.