GBPJPY had a huge fall yesterday and with the stock markets around the world also being down, there does not seem to be any end to this in sight. GJ broke through major support at 142.8 yesterday and went down to 141.5. There was a good retracement to 142.8, which was the previous support now turned resistance, but the fall has continued again over the last couple of hours.
For the bears, the first target should be 140.6 and then on to 137.5. For the bulls, first, 142.8 has to be broken cleanly and only then can they look for higher prices the first of which should be 146.8.
I would be on the side of the bears today until 142.8 is broken cleanly. On the hourly chart, the bar that went up to 142.8 ended up as a pin bar which shows that there has been huge selling pressure at around 142.8.
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