GBPJPY remains bearish with eyes on 138.50 zone following its recent weakness. On the downside, support comes in at the 138.50 level where a violation will aim at the 138.00 level. A break below here will target the 137.50 level followed by the 137.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 139.50 level followed by the 140.00 level. A cut through that level will set the stage for a move further higher towards the 140.50 level. Further out, resistance resides at the 141.00 level. All in all, GBPJPY remains with eyes on 138.50 zone as we expect more weakness.
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