GBP/JPY towards a correction?

Looking at the 1H chart, we can see that the price broke below the bigger ascending formation and is currently retesting it. JPY pairs have been soaring a lot during the last 3 months, hence a correction is definitely needed. As long as we are below the 166.000 high key area, I will remain bearish on GBP/JPY.

Our first target for this trade will be the beginning of the smaller rising wedge at around 164.78. Breaking below this level will push the price for further downside towards retesting 163.87 and 163.31 in extension. Goodluck!

M.Y.