GBP/JPY – Further Declines Coming?

The weekly chart shows that the decrease we are currently experiencing did not start at random place and were caused by test of clear resistance at level of the previous high. At present, the downward movement is heading towards minimum from last week. Breaking it may mean that price will continue to fall to lower levels.

H4 chart shows how the price returns after a slight correction. In addition, today’s news of UK bombings can support declines. It seems that reaching support at 143.40 is almost certain. In this way, the structure of the lower highs is formed, and the breakout of the support will form another lower low.