The GBPJPY’s fall may find support soon.

The GBPJPY (aka the Guppy) is closing in on some key support at the 127% Fibonacci extension of the February lows to highs and the 261% extension of the last rally at the 138.90-139.40 level. In addition, the daily RSI is oversold and the candle posted today is an inside day which finally gives us a neutral reading. This could allow for a near term bounce in the pair soon.

GBPJPY ForexAnalytix Blog

Blake Morrow