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- GBP/JPY Price Analysis: Bears taking charge at daily resistance
GBP/JPY Price Analysis: Bears taking charge at daily resistance
- GBP/JPY is meeting daily resistance and focus is on a correction.
- GBP/JPY bears can target the old resistance and counter trendline.
The daily charts illustrate the price meets prior support established in the middle of November. Should the market pull-back, then there are prospects of a restest of the counter trendline and horizontal support. This meets the 38.2% Fibonacci retracement level near 151.40.
GBP/JPY daily chart
GBP/JPY H4 chart
The 4-hour chart shows that the price is starting to correct. There will be prospects of a 61.8% Fibonacci retracement towards 151.50 and the daily support structure should the bears commit over the coming sessions.
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