• GBP/JPY is on the verge of a downside continuation as per the hourly chart.
• The bears will be on the lookout for a break of 155.70.

GBP/JPY is correcting the latest bearish impulse on an hourly basis and the following illustrates the prospects of a downside continuation.

GBP/JPY H1 chart

The above chart illustrates the recent hourly breakout below the hourly structure and a retest of the old support that would now be expected to act as resistance. The structure has a confluence of the 21-EMA and a 38.2% Fibonacci retracement level that reinforces the prospects of firm resistance. 

GBP/JPY 15m chart

Meanwhile, from a 15-min perspective, the price will need to break below 155.70 support structure if there is going to be a higher probability of a downside continuation below the dynamic trendline support.