GBP/JPY daily chart, October 5, 2016

GBP/JPY Forecast October 5, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the course of the day on Tuesday, as we continue to see the 130 level offered quite a bit of support. If we can break down below there, I feel that this market can continue to drop. However, it has to be said that most of the XXX/JPY pairs have been rising, so this is more or less a function of the British pound itself. With that, it’s going to be difficult to break down as the natural weakness of the Japanese yen will continue to work against that. I think we go sideways.