GBP/JPY Time To Go Down

GBP/JPY made a huge climb in the last few sessions going to 162 from 152 in less than three weeks. Price got out of the descending channel and made a high of 161.81 but is now again entering into the pattern currently trading at 160.30.

Main trend in the long-term remains bearish with first support seen at 160, second support 157.70, third support 156.50. Main goal for GBP bears is 149. 

On the other hand, if bulls manage to keep price above 161 we might see an attempt to visit the level of 162 and go for higher grounds.

Chart: GBP/JPY H4