Bearish possibilities with GBP/JPY
Updated
In the analysis above we can see price has been forming a Ascending wedge formation towards a daily down trending resistance trendline. We can also see if you look at the daily or 1 hour chart that we have been in a bearish trend for some time. If you look at the 1 hour chart we can spot possible double top formation, if price breaks below 151.838 and gives a clear retest, we'll see a possible bearish trend until 150.495 .
Note
We can see price is still correcting above the support in the form of a bull flag. This could mean that price might break above the daily resistance and change the whole trend.
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