GBPJPY is forming a Trend change. On the hourly chart I have marked a downward price channel . The key area at the moment is the level of 165.54, to which the price is streaming in the distribution phase.

The fundamental policy changes, which to some extent allow the strengthening of the Japanese Yen, and we see the change of the trend. The potential for a move down is open to the level of 162.42

I expect that the distribution might end up in the resistance area and we will see a fall in the nearest future. The short-term trend target is support at 163.76. Medium-term target – liquidity zone 162.42

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