GBP/JPY daily chart, February 07, 2017

GBP/JPY Forecast February 7, 2017, Technical Analysis

The British pound fell a bit during the day on Monday, testing the 140 handle. This is an area that should start to see significant support though, based not only upon the psychological significance of the row number, but also the fact that we had formed a gap below at one point. With this being the case, I’m a buyer on a break above the top of the candle from the Monday session or some type of supportive candle. I’m not overly interested in shorting now, as I see too many opportunities for buyers to step back into the market.