GBP/JPY Price Analysis: Bears moving in at critical daily resistance
|- GBP/JPY is under pressure and there are prospects of lower levels agead.
- A daily downside continuation could be on the cards.
GBP/JPY has corrected 50% of the prior bearish impulse and is meeting a prior structure on the daily chart. Subsequently, the cross is pressured and this could result in a downside continuation in the coming days should the support at 159.60 give out.
GBP/JPY daily chart
GBP/JPY chart
The cross on the hourly time frame is under pressure at a key support area after breaking below what is now the counter trendline and then support which is now expected to be resistantce if it is retested:
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