The GBP/JPY pair fell during the course of the day on Thursday, slicing down below the 133 handle. This is a market that should continue to go lower now, perhaps possibly trying to reach towards the 130 handle. I think short-term rallies will continue to be selling opportunities, at least on short-term charts. Ultimately, this is a market that should be negative on the longer term, but at this point I believe there is more than enough resistance above the 135 level to keep this market to the downside. Ultimately, expect a lot of volatility today.