GBP/JPY Price Analysis: Bears in control, target significant downside levels

GBP/JPY is correcting the monthly bullish impulse.
Bears will eye a significant correction from this juncture.

Ross J Burland FXStreet

GB/JPY has stalled in the long-term charts and the focus is now on the downside, as illustrated within the following top-down analysis:

Monthly chart

The monthly chart shows that the price has stalled and started to correct putting the prior resistances in view.

This puts the 50% ad 61.8% Fibonacci retracements in focus.

Weekly chart

The weekly chart is under pressure and has formed a resistance structure.

Daily chart

The price may still have some room to the upside at this juncture to fully test the 38.2% Fibonacci retracement of the bearish impulse that aligns with the body of the prior resistance candle.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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