- 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.
Source from https://www.fxstreet.com/news/gbp-jpy-price-analysis-bears-in-control-towards-daily-618-fib-target-14157-202101260154
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