- 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.
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.