Bearish correction on the GP/JPY

The Pound versus the Yen bounces to the downside after visiting the 184.00 zone and it is close to completing another 100 pip run. The 183.00 level could act as support and price may try to stall at that area or try to bounce to the upside again. However, we could see a break below the 183.00 level due to the fact that this pair could easily move more than 200 pips in a single day.

On the 5 minute chart we can see how the pair behaves on the round number levels. Usually price tends to respect those round number levels by acting in a predictable way. We could take advantage of those movements and look for entry opportunities either on a bounce or a breakout.