The GBP/JPY currency pair is rolling back after a significant downside movement. Earlier on a 4-hour graph the GBP/JPY formed the Dark Cloud Cover candlestick combination that indicates downside movement.
This combination was formed after the pair could not break the resistance level near 132.46, which means that the bulls could not solidify here. Further the bears started to increase their influence.
Break of the Fibonacci correction level 23.6 and the support level 130.45 will prove this viewpoint. In this case a decline to 128.30, where the Fibonacci correction level 61.8 is also located, should be expected.
However, it is worth mentioning that if the resistance level 132.46 is broken, short positions should be closed as it will cause growth to 134.18.
