GBP/JPY daily chart, August 09, 2016

GBP/JPY Forecast August 9, 2016, Technical Analysis

The GBP/JPY pair rallied slightly during the course of the session, but Monday was fairly lackluster. I believe that the 135 level above is massively resistive, so it’s only a matter time before we exhaust and start showing negativity again. An exhaustive candle is reason enough to start selling, and at that point in time I feel that it’s time to get involved. I don’t really have any other trade set up at this point in time, so with this I would be a seller only, but I need to see the market tell me it’s time to start doing so.