GBP/JPY is trading within an intraday channel that is trending lower, while 190 has served as solid resistance for the pair. So why did I choose to go long GBP/JPY in my DailyFX Analyst Pick this morning? Yesterday my choice was long GBP/USD, and since we focused on the JPY crosses today, I wanted to stick to to a similar trade since the British pound remains extremely oversold. Looking specifically at GBP/JPY, price has thus far held above the 61.8% fib of 148.29-251.19 at 187.66, and given the overextended nature of the recent decline, I see potential for a bounce toward 193.20.