The GBP/JPY pair fell a bit during the day on Thursday, but quite frankly I see a massive amount of support just below to keep the market afloat. Because of this, I’m waiting to see a bounce or a supportive candle to start going long. If we can break above the top of the hammer from the Tuesday session, I feel that the market will then make its way towards the 145 handle. I think that the 140 level below is massively supportive, and thus I am long only when it comes to the Dragon.
Watch our GBP/JPY Video Forecast: