GBPJPY May Clear Short-Term Support - psychological level of 185.00 intersect with 61.8% Fibonacci

By examining the daily chart of the GBPJPY pair, we easily can notice that the pair has moved aggressively downwards during the previous period after placing a short-term top in the 185.00 regions.

The psychological areas of 185.00 intersect with 61.8% Fibonacci of the major decline from 189.65 to 175.45 and that added strength to this resistance.

Being dominated by the potential Pitchfork channel could lead the pair towards the median line, activating breakout process below 175.45 hard support.

Indeed, the short-term bias remains bearish with coverage from moving averages; however, we prefer to use the sell stop order below 175.45 to enter the market with targets at 170.00 zones.