GBP/JPY daily chart, October 19, 2016

GBP/JPY Forecast October 19, 2016, Technical Analysis

The GBP/JPY pair broke higher during the course of the session on Tuesday, testing the 128 level. If we can break above here, I think that there is a significant amount of resistance all the way to the 130 level above, some waiting to see whether or not we get some type of exhaustive candle in order to start selling again. I don’t think we’re going to break above the 130 level anytime soon, so at this point in time I am waiting to see selling opportunities going forward. Being patient will be paramount.