Gbp/Jpy

GBP/JPY was trading at 124.36, down 0.33% at time of writing.

The pair was likely to find support at 123.31, Wednesday’s low, and resistance at 128.58, Monday’s high.

the pair is trading under the level of 125.00 , any way if the pair succeeded in breaking 125.00 , it will continue in it's up movements heading to 125.40 and then 125.80

the pair has closed under 126.00, that's mean the down trend is expected and the pair might head to 125.30 then 125.00 , however the pair made a hourly correction

the pair and as we can see from the chart has closed it's daily candle under the level of 125.00 , so , that's mean the down trend is still standing and the pair is heading to 124.50 then 124.20

Market setbacks have been very well supported on dips below 125.00 and we look for the formation of a fresh medium-term higher low around the psychological barrier ahead of the next major upside extension back towards and eventually through 140.00.

The GBP/JPY bottomed during the European session at 123.94 but it reversed and turned to the upside. Supported by an improvement in risk appetite the pair rose recovered ground and rose to test an important resistance level at 125.00.

we will hold onto our expectations for a downside bias today targeting initially a breach of the range support. Steady trading below 125.05 is required for our expectations to remain possible.

as we can see from the hourly chart , the pair has failed in breaking the resistance level of 130.00 and bounced from it , so the down trend is expected and the pair maybe head to 129.60 then 129.20

Ultimately, only a weekly close below 125.00 would delay and give reason for concern, while a daily close back above 128.00 confirms bias and should accelerate.

Trading range for the day is among the major support at 121.10 and the major resistance at 126.65. The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.