GBP/JPY Price Analysis: Correction likely to continue while below 151.00

• GBP/JPY corrects further to 150.78, the lowest in a week.
• Rebound back above 151.00, alleviate bearish pressure.

The GBP/JPY dropped further from multi-year highs above 153.50 and bottomed on Wednesday at 150.78, the lowest in a week. The four-hour chart still points to the downside, however, the bearish pressure eased after the recovery back above 151.00.

A confirmation under 151.00 would clear the way for another test of 150.80 and below the next target might be seen at 150.40, the 61.8% Fibonacci retracement of the last rally.

The bearish outlook remains intact. A recovery above 152.00 would reduce the odds of further losses. The pound needs to recover levels above 152.40 to remove the negative bias, increasing the possibility of a resumption of the bullish dominant trend.

GBP/JPY 4-hour chart