GBP/JPY daily chart, July 21, 2016

GBP/JPY Forecast July 21, 2016, Technical Analysis

The GBP/JPY pair had a slightly positive session during the day on Wednesday, as we continue to grind sideways overall. With this, it looks as if the market is trying to go higher, but there’s quite a bit of resistance above. If we can get an impulsive candle to the upside, I be more than willing to start buying. However, it’s unlikely that we will have an easy way to go, as there are so many reasons the think that the British pound will struggle. On the plus side though, we do have the Bank of Japan willing to get involved if we fall too far.