Looking to Sell GBP/JPY

This market has been very well bid over the past several sessions and while we could indeed be in the process of seeing a major structural shift, we also can not ignore the severely overbought short-term technical studies which warn of the potential for a pullback before the market once again looks to reassert and continue higher. The daily RSI has recently traded up by 80, and should our in-house model permit, we recommend looking to sell rallies into critical resistance by the multi-week highs at 127.30 for a 123.00 objective. Stop on close above 128.50.