GBP/JPY weekly chart, November 28, 2016

GBP/JPY forecast for the week of November 28, 2016, Technical Analysis

The British pound rose again during the course of the past week, as the Japanese yen get sold off against almost everything. This is a market that needs to pull back, but if we do get that move, I think there will be buyers below to pick up “value”, as all the yen related pairs are going higher over the longer-term. Given enough time, I think we will reach towards the 160 handle, but that’s obviously a longer-term target. Pullbacks are what we need to see though, because we have gotten overbought in the meantime.