The question is where next for GBPJPY . Well, the JPY has become a safe haven and consequently is used when times of risk are high, which currently is at med-High as we speak. The recent economic events point to a slow down in UK's growth and therefore we can expect further downside moves in all GBP pairs.
Looking at GBPJPY , a on the eight hour timeframe has formed and we have missed either side. The tend to be magnets for a currencies so I would expect a near retracement to it before resuming southwards.
For more information on setups, follow me on here, twitter account (@evanthebanana) or at http://www.ejfxtrading.com