GBP/JPY Price Analysis: Brears find an opportunity on the weekly candle

• GBP/JPY bears are liming up for entry below near tern support structure. 
• The weekly wick presents a swing trading opportunity. 

The price action the GBP/JPY has corrected a daily impulse and bears are now looking for the fading opportunity. 

The 4-hour time frame offers a critical support structure that, if broken and retested, will offer a high probability trade set up to the downside.

The following is a top-down analysis starting with the monthly chart, as follows:

Monthly chart

The price is coiled into a wedge and there is strong momentum in the monthly bearish candle. 

The wick represents and opportunity 

This wick is simply a daily correction that could be sold into.

Fibonacci retracements are deep enough

The correction is significant enough to move down to a 4-hour time frame and monitor the price action for an entry opportunity. 

4-hour setup

A sell limit can be placed if the price breaks the support stricture. 

On the other hand, looking to the hourly time frame, GBP/JPY Price Analysis: 200-HMA guards immediate upside below 135.00, there is a near term risk that this set up will take some time if the 200-hour moving average gives out.