GBP/JPY daily chart,October 10, 2016

GBP/JPY Forecast October 10, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the course of the session on Friday, forming a neutral candle. With this being the case, it looks as if the 130 level above should be massively resistive, as we have seen it so supportive previously. Any type of exhaustive candle in that region should be a selling opportunity as the market will more than likely try to drift back down towards the 125 handle. I have no interest in buying this market at the moment, because quite frankly the British pound is so toxic at the moment.