GBP/JPY Price Analysis: Bears taking charge at daily resistance

• GBP/JPY is meeting daily resistance and focus is on a correction.
• GBP/JPY bears can target the old resistance and counter trendline. 

The daily charts illustrate the price meets prior support established in the middle of November. Should the market pull-back, then there are prospects of a restest of the counter trendline and horizontal support. This meets the 38.2% Fibonacci retracement level near 151.40. 

GBP/JPY daily chart

GBP/JPY H4 chart

The 4-hour chart shows that the price is starting to correct. There will be prospects of a 61.8% Fibonacci retracement towards 151.50 and the daily support structure should the bears commit over the coming sessions.