GBP/JPY Price Analysis: Bears eye 152.80

• Bears are looking to 152.80 as bulls take them on at critical hourly resistance. 
• GBP/JPY has completed a weekly 38.2% Fib retracement.

GBP/JPY is starting to look rich according to the following analysis that illustrates the market's structure on the weekly, daily and hourly charts. 

GBP/JPY weekly chart

The cross has formed an M-formation on the weekly chart and the peace has reached the neckline of the reversion pattern. This also correlates with a 38.2% Fibonacci retracement level in the highs which could reinforce the area as resistance, potentially leading to a sell-off in the coming days. 

GBP/JPY daily chart

The daily W-formation is compelling in this regard as the price moves in on resistance near 154 the figure. The neckline of the formation around some 100 pips lower guards a continuation to the downside.

GBP/JPY H1 chart

From an hourly perspective, the M-formation's neckline has a confluence with the counter-trendline for which the price is retesting. If the bears move in at this juncture, then 152.80 will be eyed.