The British pound ran into resistance again against the Japanese yen as it rallied towards the crucial 132 level. This is an area that has been important more than once, as it was previous support. At this point, the market looks as if it is trying to roll over again.
Outlook in GBP/JPY is unchanged as GBP is long-term bearish. Below 130.64 will target a test on 123.94 low. but a nearby target could be the 127 level.
One thing is for sure, the market looks as if it is running out of momentum to the upside in general, so having said that it is likely that the downside is going to be much more preferred.
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