The GBP/JPY (AKA the Guppy) probed previous weekly support dating back to March of 2008. But if you look a little closer, we are also probing the 161% Fibonacci extension from the 2009 highs to 2011 lows. See below:

If you look even CLOSER what you will notice is that we also just overshot (slightly) the 161% extension of the February highs to the April lows:

The GBP/JPY is facing some very strong resistance and may be due to pullback from current levels.

Blake Morrow

Chief Currency Strategist, Wizetrade

Disclaimer: I am establishing a short position at current levels today