GBP/JPY: Touches The Target of The Bearish Correction

Negative trades dominated the GBP/JPY, within the bearish correction as expected, touching our target at 156.00, recording the lowest level at 155.93.

Technically, we tend to be negative, relying on trading below 156.50 level, accompanied by the RSI gaining more bearish momentum over the short time frames.

Therefore, we are targeting 155.45, the first target, considering that breaking the mentioned level will extend the losses, opening the way directly towards 154.80.

Trading below 156.50, and most importantly 1.5710, are necessary conditions to activate the suggested bearish scenario and breach 157.10, leading the pair to a temporary ascending path, targeting 158.20, before declining again.

S1: 155.45	R1: 157.20
S2: 154.80	R2: 158.30
S3: 153.70	R3: 158.90