GBP/JPY Price Analysis: Bull's last-ditch efforts in play

GBP/JPY bulls seeking meanwhile restest of daily highs near 157.80.
Bears keeping weekly targets in sight as per weekly W-formation.

Ross J Burland FXStreet

Due to the latest price action, we are now back to needing to consider more upside from this pair before a move to the downside.

In Monday's analysis, GBP/JPY Price Analysis: Weekly W-formation remains in play, the price was starting to correct to the downside which was encouraging a bearish focus due to the W-formation on the weekly chart:

This led to an analysis of the lower time frames where a period of distribution was drawn up on the hourly chart as follows:

However, in subsequent trade, the price has broken the first layer of resistance in a much stronger correction than what might have been anticipated:

If this is a phase of distribution, then there could be a lot more sideways consolidation to play out yet. While the weekly chart's W-formation remains a compelling reversion pattern, should the bull's take charge beyond 157.40, then a last-ditch effort could see the price test the prior weekly highs of 158.22 first:

As illustrated, if the price were to move in on the prior highs prior to a run lower, then this would leave the 38.2% and 50% ratios aligned with the prior structure as targets.

There is also a daily W-formation now belong formed that is worth noting:

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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