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  • GBP/JPY is melting to the downside to form new resistance structure.
  • Bears looking for a lower close at the top of the hour on the hourly time frame.  

Further to the prior analysis in the New York session, GBP/JPY Price Analysis: Bears to restest the daily W-formation’s neckline, the price has indeed moved lower.

Bears can move their stop loss to breakeven for a 0:2.3 risk to reward probability position. 

Live market

As can be seen, the market has melted and formed a new resistance structure in breaking the lows.

This area would be expected to hold on a restest and subsequently pressure the price to the 61.8% Fibonacci daily target of 141.57.

Daily chart