GBPJPY has been plunging sharply lower since Thursday and reached a more than a 5-month low of 145.40. The pair completed the fourth red day in a row following the significant pullback on the 150.00 psychological level. When looking at the bigger picture the price is creating a bearish correction and fell below the 23.6% Fibonacci retracement level of the last upward movement from 124.00 to 156.60. From the technical point of view, the market could increase negative momentum in the 4-hour chart. The Relative Strength Index (RSI) is sloping down in the oversold territory, while the stochastic oscillator is also ... (full story)