GBP/JPY daily chart, December 01, 2016

GBP/JPY Forecast December 1, 2016, Technical Analysis

The GBP/JPY pair rose during the day and broke to a fresh, new high on Wednesday. The 140 level below continues to offer support in my estimation going forward, and I think that we continue to go much higher. However, we could get pullbacks from time to time and that should be thought of as value in what is obviously a pretty significant breakout. Because of this, I believe that the market will continue to be one that longer-term traders are attracted to but we are a bit overextended at this moment.