GBP/JPY Price Analysis: Bears lootarget 152.20

• GBP/JPY is below bearish market structure confluences.
• The bears are targeting lower hourly lows for the remaining sessions of week.

The pound was dishevelled overnight as markets moved into the greenback and the bearish temperament is lingering into the Tokyo open for the last sessions of the week. 

The following illustrates a bearish bias for GBP/JPY.

Hourly chart

The price broke below the 200 EMA and the correction has stalled at a 38.2% Fibonacci retracement level in the highs. 

The momentum behind the sell-off could see the price continue its southerly trajectory for the days ahead and target hourly supports on the way down. 

15-min chart

From a 15-min perspective, the price is below the 50 EMA and is melting below resistances at the time of writing for fresh continuation lows. 

A -61.8% Fib retracement target based on the prior correction aligns with hourly support near 152.20 for a 3R target.