Pullback on GBPJPY presents an opportunity to play a further dro

FOREXCOM:GBPJPY   British Pound / Japanese Yen
On the daily time frame, prices mitigated a key resistance zone where we could see further downside below this level. On the H4 time frame, we are seeing bearish order flow come into play with prices forming lower lows and lower highs. A pullback to the resistance zone at 157.065, in line with the 78.6% Fibonacci retracement , 127.2% Fibonacci extension presents an opportunity to play the drop, with 153.564 support zone as our target. Ichimoku cloud is showing signs of bearish pressure as well.

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