GBP/JPY: Daily
Uh, oh! Could the pound's rally against the yen come to an end soon? Stochastic, being in the overbought territory, seems to suggest so. But don't fret! Using the Fibonacci retracement tool, we see that the pair could find support around its previous high around 132.30 which coincides nicely with the 38.2% Fib level. Heck, if there are still enough bulls in the market, we may not even see a pullback from the pair. A close above yesterday's high could mean that GBP/JPY is heading to 140.00.