GBP/JPY has a tremendous amount of room to bounce
The close today will likely be above Tuesday's high. That bodes well but it really needs to finish above 170.56 on Monday or Tuesday to get the bulls excited.
On a trade like this, I don't think there's any need to pile in or try and pick the bottom. Even a modest retracement is another 400 pips higher.
It's a similar story in many of the yen crosses.
