Trend is bearish in GBP/JPY currency pair 4 hours time frame. Based on Elliott wave analysis, there is an Expanded Flat pattern present in 4 hours chart. Now, I expect price action to drop more towards 156.71 price level. Resistance is present at 162.50 price level. So, as long as price stays below 162.50 price level, look for sell trades. If bullish candlesticks closes above 162.50 price level then down trend is going to end.
