GBP/JPY Price Analysis: Bulls eye a 50% mean reversion

• GBP/JPY bulls are eyeing a significant correction for the opening sessions. 
• Risks remain to the downside considering the unknown around coronavirus new variant. 

GBP/JPY is firmer at the start of the week despite the recent volatility across financial markets at the end of last week pertaining to the new coronavirus variant that is potentially resistant to current vaccines. The yen was bid up and the best performing currency as flows move into safe havens which sent GBP/JPY down heavily. 

However, the markets are taking a breather at the start f the week and consolidation is in plat. This opens the risk of an upside correction in the cross the following illustrates where there is potential for a deep correction to test old support in a 50% mean reversion:

GBP/JPY daily chart