The GBP/JPY confirmed a weak closing but found good support already at 119,35. Still possible further weakness but we believe the downside is limited.
The indicators of the daily chart are still well negative but those of the s/t ones are still above the line despite the weakness. In the hourly chart we have however potential negative reversals that could also limit the upside. Only an hourly closing above 119,95 will postpone further weakness favouring a rally toward the 200 hours line at 1209,82.
We still prefer remaining on the sideline while waiting for a little lower levels to buy it, possibly in case of a 119 undershooting.
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