GBP/JPY Price Analysis: Bears eye a 38.2% Fibo retracement zone

• GBP/JPY bears seeking a significant correction on the longer-term time frames. 
• Bears to target a daily confluence level of the support structure. 

GBP/JPY is trapped in an hourly channel, with a focus on the downside from a longer-term perspective. 

The following illustrates the market structure across the time lines and arrives at a bearish conclusion.

Monthly chart

The price is in need of a correction according to four consecutive months of higher closes. 

Weekly chart

Daily chart 

The daily chart shows a confluence of the 21 simple moving average and the 38.2% Fibonacci retracement level. 

4-hour chart

There is support to clear first as the price is resisted at a confluence structure. 

1-hour chart

The hourly conditions are choppy in a sideways channel, but again, the support needs to give following a break of the 21-SMA.