GBP/JPY daily chart, July 26, 2016

GBP/JPY Forecast July 26, 2016, Technical Analysis

The GBP/JPY pair did almost nothing during the day on Monday, as Forex markets were quiet in general. There is a significant amount of support below though, so we could bounce, but with the Bank of Japan working against the value of the Japanese yen, that could also be exacerbated by any action that the Bank of Japan takes in this market or perhaps other types of quantitative easing. If we do rally from here, I feel that the market will probably reach towards the 150 handle and could be rather quick. On the other hand, selling is going to be very difficult until we break down below the 135 handle.