GBPJPY reacted off our first resistance at 150.0 (horizontal swing high resistance, 100% Fibonacci extension). A strong reaction might occur pushing price down to our major support at 147.92 (horizontal swing low support, 61.8% Fibonacci extension). A breakout of our intermediate support level at 148.58 (horizontal overlap support, 50% Fibonacci retracement) might provide further bearish acceleration to our major support level.
Stochastic (89,5,3) is approaching its major resistance level at 95% and a corresponding drop in price might occur should it react off this level.
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