GBP/JPY bears seeking a significant correction on the longer-term time frames. Bears to target a daily confluence level of the support structure. GBP/JPY is trapped in an hourly channel, with a focus on the downside from a longer-term perspective. The following illustrates the market structure across the time lines and arrives at a bearish conclusion. Monthly chart The price is in need of a correction according to four consecutive months of higher closes. Weekly chart Daily chart The daily chart shows a confluence of the 21 simple moving average and the 38.2% Fibonacci retracement level. 4-hour chart There is support to clear first as the price is resisted at a confluence structure. 1-hour chart The hourly conditions are choppy in a sideways channel, but again, the support needs to give following a break of the 21-SMA. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Price Prediction: ETH could fall towards $1,500 as whales go into a selling spree FX Street 1 year GBP/JPY bears seeking a significant correction on the longer-term time frames. Bears to target a daily confluence level of the support structure. GBP/JPY is trapped in an hourly channel, with a focus on the downside from a longer-term perspective. The following illustrates the market structure across the time lines and arrives at a bearish conclusion. Monthly chart The price is in need of a correction according to four consecutive months of higher closes. Weekly chart Daily chart The daily chart shows a confluence of the 21 simple moving average and the 38.2% Fibonacci retracement level.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
