The GBPJPY has taken a significant turn, breaking below the rising price channel on the 4-hour chart as well as a key support level at 187.30. The evidence is suggesting a completion of the upside movement that originated from 178.72 and reached a peak at 188.89.
Given this current pattern, it’s likely that we will see deeper declines in the coming days. The next target to look out for would be in the region of 186.50, which could then see a further dip towards the 185.00 mark.
However, it’s crucial to keep an eye on the resistance level at 188.89. A break above this level could reignite another rally, this time aiming for the 190.00 milestone.