On the 4 hour chart, GBP/JPY is now moving in an orderly manner at the downward sloping channel and below the 50-period moving average after testing the dynamic support. 50-period moving average will again try to test the nearest support at 145.42. As long as the price does not breakout and closes above the 146.51, GBP/JPY is set to move in a bearish bias.
(Disclaimer)
