Since the beginning of the year, the currency pair lost more than 4.0% also last week dropped nearly 2.7% and remains in a bearish phase since early May. Last week the GBPJPY fell with a wide range and closed near the low of the week, in addition, the currency pair managed to close below the previous week low, which suggests a strong bearish momentum. The stochastic is showing a strong bearish momentum and is below the 50 mid line. The currency pair continues to display weakness as it approaches year-to-date low and shows no sign of slowing down. However, in February the GBPJPY also showed strong weakness but managed to bounce back. Will it be the same this time? Expecting an upward move to 38.2 Fibonacci retracement at 148.577 on a bounce from year-to-date low at 144.976 (scenario 1) however a break below the 61.8 Fibonacci retracement at 143.619 may trigger the currency pair into a bearish dive to a weekly support at 140.015 (scenario 2).