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  • 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.