GBP/JPY Price Analysis: Bears move in on critical hourly support
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- GBP/JPY's hour correction loses momentum.
- GBP/JPY bears eye hourly structure for a break of current lows.
GBP/JPY has corrected a significant portion of the Russian related risk-off bearish hourly impulse that occurred on Friday. The focus turns back to the downside given the loss of momentum in the correction. The following illustrates the bearish perspective and structures on both the hourly and 15-min charts.
GBP/JPY H1 chart
The hourly chart shows that the price is retesting the counter trendline where bears would anticipate supply guarding a break back into the rising trend. The prior lows of 156.70 held as resistance and the price has since fallen sharply into the current lows near 156.25.
GBP/JPY 15-chart
From a lower time frame perspective, the 15-min chart's structure has resistance at 156.50 and support at 156.20, a break of which would solidify the bearish bias.
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