Possible bearish continuation on the GBP/JPY

Risk aversion has come back into the markets, making the Yen rally versus its main counterparts, including the Pound. That is why we see on the daily chart of the GBP/JPY that the pair has broken below the 131.00 level and it may continue lower. The bearish trend has been well sustained, even though the pair has made a few pullbacks on the way down. If the bearish momentum continues, then the price may drop to the low at the 128.67 level. In case of a bullish pullback that take the price higher, the first resistance may be the 132.00 level, followed by the 135.00 level. But around the 55 day EMA we see a very important resistance around the 139.00 level.