GBP/JPY Forecast Price August 1, 2017, Technical Analysis

The GBP/JPY pair initially fell during the day on Monday, dropping to the 145 handle. However, this area offered enough support to turn the market around as we impulsively shot to the upside. I think that given enough time the market will find in of buying pressure to continue towards the 146.50 level, which was massive resistance in the past. The impulsive green candle on the hourly chart suggests that there is a significant amount of buying pressure, and I believe that as long as we can stay above the 145 handle, the market should continue to be very bullish. I don’t have any interest in selling, as I see a significant amount of support underneath the 145 handle, extending down to the 144.50 level.

Buying pullbacks

I continue to buy pullbacks, as I believe that the market will continue to see plenty of volatility, but also plenty of support underneath. I believe that the market will eventually try to go towards the 1.4850 level, and then the 150 handle. Alternately, if we break down below the 144.50 level, the market should then go down to the 144 level. Volatility continues, but I believe that there are profits to be had on the upside as this market longer term looks very bullish. If we did breakdown below the 144 handle, the market should break down rather rapidly, but I don’t think that’s going to happen anytime soon.

GBP/JPY  Video 01.8.17