The GBP/JPY pair initially fell during the week but found enough support underneath the 140 handle to turn around to form a hammer. The hammer of course is a bullish sign, if we can break above the top of a hammer, the market should then reach towards the 145-level next, and then towards the 148 handle. Ultimately, the market should continue to show strength, as the British pound has shown quite a bit of bullishness as of late. I have no interest in selling, at least not until we breakdown below the most recent low.
Watch our GBP/JPY Video Forecast: