Forex Trading: GBPJPY starting to come under some pressure

The pair is testing the 21 bar moving average on the 4 hour chart. However, if stocks come under pressure we could see the pair move toward the 38.2% retracement level of the last move higher, over the course of the next few days.   That support comes in at 200.38.  The move is dependent on the follow through reaction in the stock markets as the pair is highly correlated to it.