OANDA:GBPJPY British Pound / Japanese Yen
GBP/JPY also just witnessed a -1.17% correction towards the levels of 153.00, undoing all of the gains it has made in the last 10 days. As this was just a big move in price if GBP/JPY was able to find support and stabilize there is a high chance that the price will rebound and climb several hundred points before making its decision on whether to go to the upside or the downside. GBP/JPY has just created some support around this level indicating that this could be the beginning of the bounce. The indicators on the 30m and 1hr are very oversold which complies with this analysis. The stop loss area for this trade is below the key of 152.6.