The GBP/JPY pair went back and forth during the day on Wednesday, as we tested the 1.25 level for resistance. We ended up forming a somewhat neutral candle, and I believe that we will have a lot of choppiness in this area. The 1.25 level is very important, but if we can break above the 1.27 level the market will go much higher. A breakdown below the bottom of the range for the session on Wednesday could be a short-term selling opportunity though. Expect a lot of choppiness in this area, as we navigate the Article 50 affect.
Written by FX Empire