GBP/JPY Technical Analysis (British Pound / Yen)

--- Follow up analysis ---
After a pullback on 143, a new bearish wave occurred on the pair GBP/JPY. The price is currently testing the major support at 140. Its breakout would definitively end the uptrend background. This level includes all lows of 2013. The last bearish movement is part of a medium term downtrend channel (black lines), which is the same than the short-term downtrend channel that we identified earlier.