GBP/JPY daily chart, August 04, 2016

GBP/JPY Forecast August 4, 2016, Technical Analysis

The GBP/JPY pair did almost nothing during the course of the session on Wednesday, testing the 135 level. This is an area that has been a bit of a magnet for price over the last several sessions, and as a result we will need to make some type of impulsive candle in order to decide which direction to go. If we can break out to the upside, then I feel that the market will reach towards the 142 handle. A break down below the lows of the last couple of sessions could very well drop down to the 130 handle.