GBP/JPY daily chart, September 29, 2016

GBP/JPY Forecast September 29, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the course of the session on Wednesday, as we continue to bounce just above the 130 handle. Because of this, I think we are testing serious support, and if we can break down below the 129 level, because at that point time I feel we could go to the 125 handle. However, the Bank of Japan is starting to get a little less than enthused about the strengthening Japanese yen, so be aware the fact that the central bank may trying to do something that cause a bit of a bounce.