- Daily: The GBP/JPY has shown that topping action may be complete. The RSI confirms with a crossover under its 5-period moving average.
- The negative reversal suggests an aggressive target of 123. However, in the short-term, the 130.45 area is the target. This is 61.8% retracement, and is also the target for the latter part of the negative reversal.
- A break below 130.45 would suggests further decline to 123, but with another test at 126.70.
- Taking a look at the 4H and 1H chart allows to check the internals for confirmation.
Fan Yang Currency Analyst Commodity Trading Advisor
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