GBPJPY has been declining over the last six weeks, falling back below the 20- and 40-day simple moving averages (SMAs) and the 132.00 psychological level, being the 38.2% Fibonacci mark of the down leg from 144.95 to 124.00. According to the momentum indicators, the stochastics are posting a bearish crossover within the %K and %D lines below the overbought region, while the RSI is edging lower in the negative threshold. In case of steeper declines, the price could touch the 23.6% Fibonacci of 128.94 ahead of the 127.27 support. Should the price retreat under that number too, the three-and-a-half year low of 124.00 ... (full story)