GBPJPY Chart Technical Outlook is overbought bears eye 188.60 for deeper corrections
GBP/JPY’s broad bias is bullish, but I believe it is close to the end of the current bullish cycle. Prices have been moving in an ending diagonal formation recently, indicating a loss in momentum – a typical structure for wave five in a motive structure. It trades above the trendline resistance – overbought. Retreating below the trendline and breaking 188.60 confirms a top and opens the door toward 186.50. Resistances are located at 191.00 and 191.70
