GBP/JPY daily chart, November 24, 2016

GBP/JPY Forecast November 24, 2016, Technical Analysis

British pound initially fell against the Japanese yen on Wednesday but managed to break above the 140 handle late in the day. Because of this, looks like we are trying to break out and as a result I have no interest in shorting this market. Given enough time, I feel that the market probably will break out to much higher levels. In fact, if we can finally break above the 144 handle, this market could really take off, perhaps reaching towards the 158 level over the longer term. Because of this, I believe that longer-term trades are going to do quite well to the upside.