GBP/JPY: The corrective pullback from the March 133.50 highs continues, and at this point, the close below the 100-Day SMA could open the door for a more significant decline below 125.00 over the coming days. However, with daily studies now looking stretched, we still hold onto a constructive outlook and will look for setbacks to stall out over the coming sessions in anticipation of a major bullish reversal. But back above 128.00 is now required at a minimum to relieve immediate downside pressures.
--- Written by Joel Kruger, Technical Currency Strategist
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