GBP/JPY daily chart, November 29, 2016

GBP/JPY Forecast November 29, 2016, Technical Analysis

The GBP/JPY pair broke lower at the open on Monday, and reached below the 140 handle. This is a market that’s a little overbought at this point and as you can see I have a previous downtrend line on this market. So, having said this it looks as if we must pull back to test that line again. The Japanese yen itself is oversold drastically and needs a little bit of a reprieve so that the market can continue to go higher against it. Ultimately, I have notched in selling and believe that sooner or later we could start buying.