GBPJPY Long Position

FX:GBPJPY   British Pound / Japanese Yen
165 0 1
The market has recently reached an oversold position as shown by the RSI Indicator. This is also an area of a 127.2 Fib Extension of the previous leg down, and is also a 78.6 Retracement of a higher time frame move up. Also, this is a great point of a prior support and resistance zone. I'm projecting that the market will hold this current level and rally to retest our most recent support/resistance zone around 133.95's. Great profit if the market can make its way back up. Let me know your thoughts.
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