GBP/JPY Price Analysis: Bears in control, target significant downside levels

• GBP/JPY is correcting the monthly bullish impulse. 
• Bears will eye a significant correction from this juncture. 

GB/JPY has stalled in the long-term charts and the focus is now on the downside, as illustrated within the following top-down analysis: 

Monthly chart

The monthly chart shows that the price has stalled and started to correct putting the prior resistances in view.

This puts the 50% ad 61.8% Fibonacci retracements in focus. 

Weekly chart

The weekly chart is under pressure and has formed a resistance structure. 

Daily chart

The price may still have some room to the upside at this juncture to fully test the 38.2% Fibonacci retracement of the bearish impulse that aligns with the body of the prior resistance candle.