GBPJPY H4: Bearish outlook seen, further downside below 164.50
On the H4 time frame, prices are in a descending channel and a pullback to the resistance zone at 164.50, in line with the 78.6% Fibonacci retracement and 100% Fibonacci extension presents an opportunity to play the drop to the next support zone at 159.50. Stochastic is facing bearish pressure from the resistance at 97.37 as well where we could see a reversal below this level, in line with prices.