GBP / JPY
Senior timeframes
The players on the decline reached the support level of 148.94 (monthly Fibo Kijun + monthly Tenkan). The combination of monthly levels is a sufficient reason for the inhibition and development of an upward daily correction. The further development of the situation depends on the result of interaction with 148.94. In the case of overcoming the boundaries 149.40 - 148.94, further plans of the bears will consist in testing, with a possible breakdown of the lower boundary of the daytime cloud (148.37).
H4-H1
The players on the rise yesterday could not overcome 149.87. So the upward correction did not develop and was limited to the short-term trend of H4. Today, the power of support, to which the bears still managed to reach (148.94), can again provoke the recovery of bullish positions. Among the resistances, today we can have the value of 149.50-60 (Tenkan H4 + the final borders of the cross H1 + the bottom of the cloud H1), the breakdown and fixation above will create the prerequisites for the development of the upward correction, further 150.00-20 (cloud H1 + Fibo Kijun N4) and 150.77-84 the most fortified and significant area of resistance. Overcoming 150.77 will require a new assessment of the situation. Among the bear pegs, if the bears today continue their decline, the closest is the level of the day's Senkou Span A (148.37).
