GBP/JPY daily chart, September 30, 2016

GBP/JPY Forecast September 30, 2016, Technical Analysis

The GBP/JPY pair initially tried to rally during the course of the session on Thursday, but found quite a bit of resistance above and therefore we ended up forming a bit of a shooting star. Ultimately, if we can break down below the bottom of the candle for the day I feel that the market should then reach towards the 130 handle below which has been massively supportive. I believe that every time this market rallies, you have to look for exhaustion in order to take advantage of value in the Japanese yen.