GBPJPY Sets Up To Strengthen Further

GBPJPY looks to decline further as it retains its downside pressure into the new week. On the upside, support comes in at the 136.00 level where a violation will aim at the 136.50 level. A break below here will target the 137.00 level followed by the 137.50 level. Conversely, support is seen at the 135.50 level followed by the 135.00 level. A cut through this level will set the stage for a move further lower towards the 134.50 level. Further down, support resides at the 134.00 level. Its daily RSI is bearish and pointing lower suggesting more weakness. All in all, GBPJPY remains biased to the downside in the short term.