At this moment the pair GBP/JPY has been moving down123954 is the next level of rsistence and it will meet 124306 if it breaks. We have 123356 for support and 122455. I expct this level to hold. Last time price was at that level had a good reaction. A 0.5 fibonacci number, is near at the moment price is trading below yesterday low. The pair remain on a upward trend. A further rise could be expected up to 126.99 and more. On the downside, if the pair manages to break 122.12 then it would attract a bearish outlook and would make the bulls cautious for the next move.