- GBP/JPY bears are in control and eye prior daily resistance target.
- Hourly support is guarding the downside prospects.
GBP/JPY is on the verge of a downside correction and the following illustrates the bias while below daily resistance.
Daily chart
Following a restest of the daily resistance, a deeper downside test of prior resistance could be on the cards.
1-hour chart
The price struggles at resistance and bears will be looking to pressure support and test the bullish commitments.
15-min chart
The environment is bearish according to MACD and with the price below the 10-EMA.
Bears will be in good stead on a break of suppurt.
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