GBP/JPY daily chart, December 05, 2016

GBP/JPY Forecast December 5, 2016, Technical Analysis

The GBP/JPY pair rose slightly during the day on Friday, as we continue to see quite a bit of pressure in this market. I believe that the market will continue to show bullish pressure on the longer-term, but quite frankly this is a market that has far too much in the way of an overbought situation to start buying now. The shooting star from the Thursday session is the right idea as far as I can see, so I would like to see this market pullback towards the 140 level where I would continue to go long from there.