Short term outlook for the GBPJPY

Price is approaching the weekly and daily pivot, which are almost right on top of each other. (159.73-.88) There is also a prior S/R level, between the two, at 159.78. It is already showing some resistance getting up to that area by a bounce off the Psyche level at .50, but keep an eye on PA. If it makes the approach, and breaks through the pivots quite easily, it could be a sign of a fast run back up. If it makes another attempt at the pivots, and is showing some signs of resitance, it could then take a bounce and make a nice retracement. It also could find a range between 159 and the pivots, as it did earlier, at the end of the NY session. Then watch for a break of the range.

The yellow lines on the chart are the S/R levels, I drew that past week and a half, during the uptrend.