GBP/JPY daily chart, October 11, 2016

GBP/JPY Forecast October 11, 2016, Technical Analysis

The GBP/JPY pair initially fell on Monday but turned around to form a little bit of a supportive hammer like candle. However, I think that there is a significant amount of resistance at the 130 level that we would have to break over in order to start buying. At this point time, I believe that sooner or later the sellers will return, and of course a break down below the bottom of the hammer could be a sign to start following them. Exhaustion or break down, either way I’m looking to sell.