GBP/JPY daily chart, September 28, 2016

GBP/JPY Forecast September 28, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the course of the session on Tuesday, bouncing off of the 130 handle. I believe that the 130 level is a significant support level, and it coincides nicely with the 100 level in the USD/JPY pair. With this, I think that we could get a little bit of a bounce but ultimately we will more than likely see some type of exhaustive candle after that bounce and be able to start selling. If we can break down below the bottom of the range for the session on Tuesday, I believe at that point in time the market breaks down rather significantly.