GBP/JPY is getting bumpy

A high wave candle on the daily GBP/JPY chart augurs that the upward power of this market is dissipating.

Closing the day below the 21-day simple moving average, this pair has thrown in a large bodied candlestick, with both upper and lower wicks summing up to a above average trading range.

Both buyers and sellers were defending the extremes, yet a neutral to bearish tone prevails.