GBPJPY Testing Major Support

After breaking through resistance at 130.00, GBPJPY has now retraced some of its gains to settle at support just above the 130.50 figure.

The 130.50 serves as both short and long term support, as we take a look at 15-minute and 60-minute shots.  This level is likely to hold with both major oscillators showing oversold conditions on the recent decline in GBPJPY.

As a result, a bounce off of this level will likely foster a retest of the 130.80 session high (a major resistance barrier) before targeting short term sell orders surrounding 131.50.