GBP/JPY Price Analysis: Bulls face a wall of resistance for the open

• GBP/JPY is below daily support and is compelling for the open.
• Bears will seek a downside extension, but there are bullish prospects to test old support first. 

GBP/JPY is bullish for the open, but bearish on the long-term time frames.

The following is a top-down analysis that illustrates the upside bias, now the near term, vs the prospects of a 

Daily chart

The daily chart is compelling in that the bears have broken old support.

On a restest of the structure, there are prospects of a downside continuation on failures to break higher.

4-hour chart

The 4-hour 21 EMA aligns as a confluence target with the 38.2% Fibo.

Hourly chart

Firth, the bulls will need to overcome the immediate resistance, but thereafter, the trajectory and targets are clear.