GBPJPY looks to weaken further following a strong sell off on Friday. On the downside, support comes in at the 137.50 level where a violation will aim at the 137.00 level. A break below here will target the 136.50 level followed by the 136.00 level. Its daily RSI bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 138.50 level followed by the 139.00 level. A cut through that level will set the stage for a move further higher towards the 139.50 level. Further out, resistance resides at the 140.00 level. All in all, GBPJPY remains biased to the downside nearer term.
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