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With the position of the GBP/JPY price movement which is below the EMA 20 and EMA 50 on the 4 hour chart, this gives an indication that in the near future GBP/JPY has the potential to weaken down, where the level of 202.01 will try to be penetrated. If this level is successfully broken downwards, then 201.24 will be will be the next target to be aimed at and if the momentum and volatility are supportive then 199.35 will be the next target but with the condition of the Stochastic Oscillator indicator which is in the Oversold area then there is a possibility of a strengthening correction up to the level of 204.60 but as long as the strengthening correction does not exceed and penetrate above level 205.18 then the ongoing weakening condition in GBP/JPY is still ongoing.
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