As a result of rejection of the upper triangular resistance and declines lasting since then GBPJPY has breached support of this triangle formation (bullish trend line). As a result of last Friday’s growth market has reached and is now re-testing the broken bullish trend line, which rejected could open the way to further declines.
Looking on H4 chart we find that this line coincides with local resistance and 61.8% of Fibonacci correction from the last downward impulse, where today first supply reaction has already occurred. Both in short and in a slightly longer time horizon, it is worth to consider PUT option on this instrument.