GBP/JPY finished the day off strong. Currently it is trading right below the 0.618 fibonacci level but i think it will break through it shortly since my momentum oscillator signaled a beautiful buy signal along with the expansion of historical volatility percentile from an extremely low area. This kind of signature usually produces a major shift in the trend of the market so i am looking for quite some upside here.
But these things take time so we will have to go slowly level by level. Firstly wee need to break through the 0.618 fibonacci level and there is a nice trade to be made on the retest. If we get this break we have the next major resistance around the 136.3 area so keep an eye on that.