GBPJPY looks to weaken further on price sell off as it retains its broader medium term weakness. On the downside, support comes in at the 130.50 level where a violation will aim at the 130.00 level. A break below here will target the 129.50 level followed by the 129.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 131.00 level followed by the 131.50 level. A cut through that level will set the stage for a move further higher towards the 132.00 level. Further out, resistance resides at the 132.50 level. All in all, GBPJPY remains biased to the downside on further price weakness.
