LONG GBP/JPY, IF*** there is a clear rejection at the current level, wich is at the bottom of what could be an institutionnal uptrend channel, it is also on the 38,20% level of the fibonacci taken on the weekly timeframe and it is around the 132,500 weekly key level (psychological level). The market reached the bottom of what could be an institutionnal uptrend channel and it could be starting its fifth wave. IMPORTANT : I am only showing an analysis on one of the many timeframes that I use.