GBP/JPY Price Analysis: Weekly W-formation remains in play

• GBP/JPY bears engaging in a phase of distribution.
• Bears to target the neckline of the weekly W-formation. 

As per the prior analysis, GBP/JPY Price Analysis: Bears move in following bull rally, weekly W-formation eyed, the price is indeed making progress as per the W-formation. The following illustrates the market structure on a weekly time frame and prospects for a setup on the lower time frames:

GBP/JPY prior analysis

In last week's business, it was stated that ''the neckline,'' of the W-formation, '' has a high completion rate for the price to restest the zone, near to 153.40 in this case.''

GBP/JPY weekly chart

As seen, the price is starting to melt and traders can begin to look for bearish market conditions on lower time frames and structures from which engage:

A break below 156.30 would be a welcome outcome for the bears seeking confirmation of the downside bias followed but a break of 155.90:

With that being said, there are prospects of a move into the resistance prior to the downside breakout, if indeed, this is a phase of distribution.