GBPJPY plunged below the 38.2% Fibonacci retracement level of the downleg from 153.80 to 143.20, around 147.25, which overlaps with the 40-simple moving average in the 4-hour chart. The aggressive bearish rally started during yesterday’s session and has shifted the near-term bias from positive to negative. Also, the momentum indicators are supportive of the bearish picture. In the short-term, the Relative Strength Index indicator dropped below the 50 threshold after it bounced off the positive area, while the MACD oscillator lies below the trigger and zero lines. To the downside, immediate support is being provided ... (full story)