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  • GBP/JPY bears are seeking a downside extension below recent hourly lows.  
  • The 50% mean reversion level on the hourly time frame is expected to hold.  

GBP/JPY has met resistance in a double top on the daily chart and the emphasis is now on the downside.  

The following illustrates the correction on the hourly time frame and the expectation for a downside continuation from the confluence of resistance.  

GBP/JPY hourly chart

The price has retraced to a full 61.8% Fibonacci level and is accumulating at the 50% mean reversion mark.  

Resistance here would be expected to see the price melt to the downside on the way to 153.30 below the countertrendline.  

 

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