The dragon - GBP/JPY currency pair is in a strong downtrend. The uncertainty of the GBP due to upcoming Brexit, with the already sensitive Yen due to stimulus in Japan and bullish trends in equities, add to the overall volatility. Currently the GBP/JPY is close to L3 Weekly PP so we might see some bounce before the next leg of selling.
Traders should pay attention to 131.80-132.00 zone. (H3, WPP (LON:WPP)) for short trade setups. Additionally we have another confluence coming within 132.35-60 zone (23.6, H4 WPP, historical sellers, inner trend line). Both zones should provide short trading opportunities towards 130.00. If we see a break of 130.00 than 129.80 is the next target followed by 128.72 where we should see a bounce.