GBP/JPY Price Analysis: Bears holding off correction at 61.8% Fibo highs

• GBP/JPY bears are seeking a downside extension below recent hourly lows. 
• The 50% mean reversion level on the hourly time frame is expected to hold. 

GBP/JPY has met resistance in a double top on the daily chart and the emphasis is now on the downside. 

The following illustrates the correction on the hourly time frame and the expectation for a downside continuation from the confluence of resistance. 

GBP/JPY hourly chart

The price has retraced to a full 61.8% Fibonacci level and is accumulating at the 50% mean reversion mark. 

Resistance here would be expected to see the price melt to the downside on the way to 153.30 below the countertrendline.