GBPJPY Bearish As Price Holds Below 183.712

GBPJPY has been in an uptrend since April of this year. Price stabilized after hitting the 186.547 highs in late August.

I plotted a daily range based on how price traded over the past month. Today's session close marks a clear indication that price is drifting to the downside.

Structurally speaking, I am directionally bearish. If price holds below the lower daily range boundary, I think strong downside potential can be expected as price reverses after the run-up earlier this year.

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Here's the 4-hour chart:

Looking pretty good as price is holding and resisting off of lower levels.